The Silvertown Tunnel would link the Greenwich Peninsula with the Royal Docks.
TfL said the development would help deliver thousands of new homes and jobs, along with relieving congestion at the Blackwall Tunnel.
The scheme is estimated to save £1.3bn over 60 years that would otherwise be lost waiting in traffic.
In addition, hundreds of construction jobs would be created through to the developments opening in 2022/23, TfL said.
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The river crossing would also enable TfL to transform bus connections as double decker buses will be able to use the tunnel. It would connect jobs and homes on both sides of the river, with two new bus routes and four enhanced routes.
Mayor of London Boris Johnson said: "Delivering a host of new river crossings to the east is essential for the future success and prosperity of a growing capital city like ours. They have the power to unlock areas for development, creating jobs and new homes, as well as helping to better connect people, businesses and communities. The Silvertown Tunnel is a hugely important piece of new infrastructure that would provide a new link beneath the Thames from two of our city's great opportunity areas for new homes and jobs - Greenwich Peninsula and the Royal Docks."
The consultation runs until 29 November and will form part of TfL's submission for a Development Consent Order to the Government for permission to start construction.
The construction is expected to begin in 2018 with the new tunnel fully operational by 2022/23.
(LM/CD)
