TfL said the station, which is used by more than 80,000 people a day, would "completely transformed" under the plans, which have been today opened for public consultation.
Improvements include a new second entrance and exit to the station; three new escalators; step-free access from the street to trains, with two new lifts; more space to change between trains and for the station to remain open during busy periods by removing the need for frequent crowd control measures.
TfL said the upgrade would "support the vibrant local economy and community, and reduce walking time between the station and the popular Camden Lock area".
The existing station entrance would remain in use, and no changes would be made to nearby buildings. Work is being scheduled to begin in 2019 for completion in 2023/4.
Gareth Powell, London Underground’s director for strategy, said: “Camden Town is already one of our busiest interchange stations, and customer numbers are set to rise rapidly as London’s population grows.
“Our plans to modernise and expand the station would mean a new entrance, step-free access, and much better journeys for customers. We’re keen to hear as many views on our plans as possible, so that we deliver the improvements that people want to see.”
The public consultation will run from Monday 12 October until 11 December 2015.
A possible site for a new station entrance would be on Buck Street, between Camden High Street and Kentish Town Road. This would reduce walking distances between the station and the north part of Camden Town, including Camden Lock.