Lord's could see its capacity increased past the 30,000 mark and also host an ice rink during the winter under proposals being examined by the MCC.
The MCC hopes to install an ice-rink behind the media centre
The famous old ground may also see retractable floodlights installed as part of the latest wave of development.
The MCC's Ian Wilton told BBC Sport: "We're conscious that the Tavern, Warner and Allen Stands are ageing.
"Cricketing issues come first and foremost in our thinking, but we think an ice rink would be good."
The rink would be a temporary structure on the Nursery Ground at Lord's, between the back of the media centre and the square.
Under current plans, the rink would open for a maximum of five weeks between late November and January, with up to 160 people on the ice at any one time.
Wilton said: "We want to throw the doors of Lord's open to more people and provide another facility for locals - we think it would be great for local schools to come in free of charge."
We're determined that Lord's should retain its ambience
Although it can host more fans than any other cricket venue in the UK, Lord's current capacity of 28,500 is dwarfed by other major Test arenas around the world.
The Sydney Cricket Ground holds 44,000, while the MCG holds 100,000.
Wilton said: "Once you get up to 40,000, you have to be very careful you're not changing the ambience of the ground - but we would like the capacity to be extended way past the 30,000 mark.
"We're determined that Lord's should retain its ambience and also remain a ground, rather than a stadium."
Wilton refused to rule out the possibility that apartments and a hotel may be part of any redevelopment.
He said: "Various ideas have been put to us, but those are options to be considered - just proposals at the moment.
"We want any future developments to be done to a very high standard."
A working party from the MCC recently returned from a fact-finding mission to Denmark, where it examined examples of retractable floodlights.
While no decision on installing floodlights is imminent, Wilton confirmed: "That is something we'd like to do."