The east London club and council hope the arena, in Newham borough, will feature "both football and athletics".
Interested parties have an eight-week deadline to submit plans, with the OPLC set to make a decision on the stadium's future use by March 2011.
A joint statement from West Ham and Newham Council read: "The proposal would be to make the venue a vibrant centre of sport, culture and education, featuring both football and athletics."
West Ham and Newham Council eye bid for Olympic Stadium
BBC
March 23, 2010