EC&O - which owns Olympia - has unveiled proposals to improve the conference centre that include adding an extra floor to the West Hall.
The aim is to preserve the historic buildings while making the internal space easier to access and more flexible for organisers.
The Collado Collins plans also include refurbishing the Olympia Two building, including infilling the atrium on Level One, to create better exhibition and conference space.
EC&O Venues group managing director Nigel Nathan said: "We believe the investment will provide organisers with new found flexibility for their events and enhance the visitor experience."
A consultation is now underway that included public exhibitions on 10 and 12 June.
A representative told C&IT that a planning application will be submitted to the London Borough of Hammersmith & Fulham at the beginning of July. The plans could then reach planning committee in October, with work starting in February.