Brent Cross opened 40 years ago and Hammerson plan to revamp it with the addition of 200 new shops, 40 restaurants, a hotel, a cinema and around 6,700 homes.
The shopping centre is set to double in size, providing up to 3,500 retail jobs and 5,000 construction jobs.
The makeover is part of wider investment plans for the area. Hammerson and Standard Life have already received planning consent for a £4.5bn regeneration of Brent Cross and Cricklewood.
Due to the rapidly-changing tastes and demands of British consumers, the consultation period for the new project will be crucial, Hammerson and Standard Life said.
James Stevens, head of UK development at Standard Life Investments said: "Our plans for Brent Cross London are exciting and ambitious. We really welcome feedback as this is a major investment and we want to make the most of the opportunity to enhance one of London's best-loved shopping destinations."
Peter Cole, chief investment officer for Hammerson said: "Brent Cross has been an iconic part of retail in London and the local community for 40 years.
"The challenge we have set the design team is to create a destination for the best global brands and experiences and at the same time still retain Brent Cross’ distinctive character and personal touch which can be enjoyed by future generations."
A detailed planning application will be submitted to the London borough of Barnet in 2017.