The MSG Sphere London would have a capacity of 21,500 and be owned by the same company that runs Madison Square Gardens in New York.
Its proposed design is identical to the MSG Sphere in Las Vegas, which is currently under construction.
The exterior of the building would be made up of LED panels which could be used for advertising purposes.
MSG says the panels will not cause any safety problems to the nearby train line, and they have been designed to limit the impact on local residents.
The 4.7 acre site, adjacent to Angel Lane, was formerly the temporary coach park during the London 2012 Olympics.
If the plans go ahead, it has the potential to create up to 3,200 jobs annually across the country and also up to 4,300 jobs each year during the three-year construction period.
There are further proposals to build 37 car spaces and 150 cycle spaces.
Gareth Bacon AM, Chairman of the Budget & Performance Committee, said: “This venue would be a very welcome boost to the local area economically. It will also give a helping hand to LLDC’s finances.
“It’s great to hear that almost seven years on, the Olympic legacy is still alive. The creation of jobs for Londoners especially those in the Newham area is an important part of this.
“East London is already known to be a hub for creatives, so plans for a venue like this should sit nicely with the existing cultural fabric of the area.
“We will be watching the LLDC closely to ensure that this proposal is the right one for the area, but we welcome any project that brings jobs and economic growth to east London”Tags: Newham, Stratford
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