Queens Park Rangers Football Club has unveiled plans for a new 40,000-seater stadium as part of a major regeneration project of the Old Oak area in west London.

The new area, which has been provisionally called New Queens Park, will see the stadium built alongside a new residential area with 24,000 homes and a commercial space to include a 350-bedroom luxury hotel, studios, offices, cinemas and restaurants.

The news follows London mayor Boris Johnson's recent announcement that turning Old Oak into a new world-class city quarter is to be one of his main regeneration priorities for the city and that a Mayoral Development Corporation (MDC) – only the second after the Olympic Park development – is to be set up to promote it.

Thew new area – which will be larger than Canary Wharf – is expected to generate 50,000 new jobs.

“Not only will this give us a top quality stadium to cater for QPR's needs as the club progresses and grows over the years ahead, but we are very excited about being the driving force behind creating one of the best new urban places in the world,” said QPR chair Tony Fernandes. “It will create a vibrant new destination in London, boosting local businesses, attracting new visitors and tourism and creating a thriving community.”

Fernandes revealed the club were looking at alternative sites to Loftus Road in West London in November 2011 and Rangers confirmed they were in talks about the Old Oak site since August 2013.

Working with Stadium Capital Developments, QPR has concluded a letter of collaboration with the Greater London Authority (GLA) and the London Borough of Hammersmith & Fulham to ‘bring forward an early and very significant private sector investment into the Old Oak Common regeneration area.’