Middlesex County Cricket Club have revealed that Lord's will undergo a phase of redevelopment that will last up to 13 years.
Work will start in autumn 2014 on the Warner Stand and will eventually conclude in 2027 with the reconstructions of the Compton and Edrich Stands.
"This masterplan has cricket at its heart. Every MCC member cares deeply for our wonderful ground, and we have a duty to ensure any changes made to Lord's reflect the love we have for cricket, its history and its heritage," said MCC president Mike Griffith.
"Lord's is the home of cricket and this masterplan will reinforce the special place the Ground has within the game by making it even better for every player and spectator who comes here. This is an incredibly exciting day not just for MCC, but for cricket lovers all over the world."
The entire cost of the work is believed to be around £200m.
