Quintain Estates, which is also redeveloping the land around the Millennium Dome, has submitted an outline application for the redevelopment of 17ha to the north of the stadium.
The Richard Rogers Partnership masterplan, the basis of the application, envisages 3,727 flats, 40 per cent of which will be affordable, and accommodation for 550 students. The Wembley Conference and Exhibition Centre and a mix of industrial sheds will be demolished.
The scheme also features a new multiplex cinema, a bowling alley, designer clothing outlets and sports stores, 12,700 sq m of restaurants and bars, a 400-bed hotel and 63,000 sq m of office space to be targeted at a mix of start-up and larger companies.
The centrepiece will be Arena Square, which will provide space for spectators to congregate to the south of the stadium. The square will link into the new Wembley Park Boulevard.
The developer wants to drive the boulevard through to Wembley High Road, ranked as the UK's most struggling high street in a recent survey.
Quintain chief executive Nick Stattock is keen to break down the barriers between the stadium and the surrounding area to ensure that the benefits spread.
However, the northern edge of Quintain's land holding and the high road are separated by a 2ha piece of land which is divided up into a number of ownerships.
A spokesman for the developers said: "The LDA and the London Borough of Brent are actively looking at a compulsory purchase order on that piece of land."
An LDA spokeswoman confirmed that the agency is "working towards" resolving the problem.