The plan envisages the redevelopment of the area between the stadium and the centre of Wembley. This will contain 95,000 m2 of commercial space, up to 500 homes and community facilities, as well as a public square.
Gareth Blacker, the LDA's director of development, said the work would provide benefits to the community as well as to visitors.
He said: "It will enable thousands of people to arrive at the stadium and leave it quickly, without creating disruption to local roads.
"It will also see the local community benefiting from new shops, houses and offices as well as improved transport links."
Arup, on behalf of the LDA, will submit an outline planning application to Brent council by the end of January.
The council will begin consulting on the plans in mid-February.
If approved, work will begin on implementing the masterplan in October 2004 and will be completed by the time the stadium opens in early 2006.