Their plan, which has backing of a number of local organisation including Essex Cricket Club and the University of East London, would see the stadium become “a vibrant centre of sport, culture and education.”
The seating capacity would be reduced from 80,000 for the Olympic Games down to 60,000 and crucially it would include the competition athletics track.
Mayor of Newham, Sir Robin Wales said “ London wants to deliver a great Games - we want to a deliver a great legacy.
"Our plans would ensure the magic dust of the Olympics lives on long after the Games has finished, inspiring young people for years to come. The stadium is the jewel in the crown of London 2012. We see it as the catalyst in our once-in-a-lifetime opportunity to transform not just Newham, but the whole of the East End.
"We will create a stadium that captures the heart and spirit of the Games for decades to come. It will be a vibrant centre of sport, culture and education. It will inspire learning and achievement and help build a better quality of life for tens of thousands. It can host many great sporting moments along the way. A busy Olympic Stadium also means job opportunities for local people."