Proposals do not involve increasing the stadium's capacity from around 40,000, but will see a new 350-bedroom hotel complex being built in the south east corner of the ground and the creation of a new arcade running along the back of the East Stand.
The arcade will incorporate shops, bars and restaurants, as well as the extension and improvement of the club's conference and events facilities, while in the north east corner of the stadium, a superstore and an office block have also been put forward, along with a nightclub.
The proposals will be available for public viewing at the club's Billy's Bar, and are in line with Leeds City Council's own plans for the regeneration of the Elland Road area.
Ken Bates said: "Football stadiums are used for 25 days a year to play football. It's important not to forget about the other 340 days you don't play football. This is another step for us towards ensuring the ground is not only used all year round, but is a place where people want to come."
The club has also not ruled out a future increase of the stadium's capacity should the city be involved with England's bid to host the 2018 World Cup.