The MCC has announced the latest phase of its 'Masterplan' re-development of Lord's includes the replacement of the Tavern and Allen stands.
The intention is to build a single new structure in their place, with more than 5,500 seats, in the south-western corner of the home of cricket - to raise the ground's overall capacity to almost 30,000.
MCC is operating to a projected budget of £80million, and hopes work can begin in autumn 2017 - subject to planning permission, consultation with nearby residents and the approval of club members.
If the project goes ahead, a new Thomas Lord Building and new Tavern pub will also be included - as well as enlarged dressing rooms in the pavilion and a "more pedestrian-friendly entrance to the ground", via the Grace Gates.
MCC chief executive Derek Brewer said: "The south-western project will ensure facilities for players, match officials, supporters and MCC members are of the highest possible standard by modernising areas of the ground that have become tired.
"MCC is committed to maintaining Lord's as the finest cricket ground in the world, and this project also provides a wonderful new front door to the home of cricket."
MCC aims to submit a planning application to Westminster City Council this summer.
A completion schedule for the new stand is spring 2019, in time for that summer's World Cup and Ashes.
It is anticipated the remaining elements of the 'Masterplan' may take a further three years.