Residential property developer Barratt London has taken on the project and plans to rename the area Upton Gardens.
The plans include 211 so-called affordable homes.
West Ham FC vacated the grounds – officially called the Boleyn Ground – for the Olympic Stadium earlier this year.
City A.M. later revealed how the club's complex deal for the Olympic Stadium could make the football club’s wealthy owners even richer than previously thought – at the expense of the taxpayer.
“The entire team involved in redeveloping Upton Park recognises the heritage embedded here,” said Barratt finance director, Tom Olsen.
A charity tournament will be played at Upton Park on 27 September, before demolition the following day.