If given planning permission, developers propose to spend £150m on saving and repairing the 1930s power station with the famous chimneys being reused as flues to help generate power.
It could be the first time in a quarter of a century that the power station will generate power.
The £4bn development may include hotel, residential, and retail accommodation, a six acre park, riverside walk and urban square.
Proposals for the 38-acre site show it could house about 7,000 people and may create up to 20,000 new jobs.
Developers are discussing plans with Transport for London to extend the Northern Line from Kennington to Battersea.
The Battersea Power Station regeneration project is the largest development site in central London, according to developers. Construction could start in 2012 and is estimated to finish in 2020.