Fulham have played at The Cottage since 1896 and it currently holds 25,700.
Recent speculation suggested Fulham have been looking to move to a new stadium, and a potential ground share with Chelsea has also been reported.
Fulham chief executive Alastair Mackintosh: "Fulham has seen unprecedented success both on and off the pitch in recent years, and is now an established Barclays Premier League club, qualifying for European competitions and accommodating over 25,000 people on a regular basis.
"We are confident that a redevelopment will improve the fans matchday experience, and enhance our corporate offering, whilst remaining sympathetic to the design of this historic ground.
"Naturally our core family values, and the tradition of the football club, continue to be at the forefront of everything we do.
"This investment at Craven Cottage demonstrates yet again the chairman's continued ambition to see the club prosper and grow and to continue to compete at this level for many years to come.
"We are still in the very early stages of the planning process and will be holding a public exhibition in mid-October, where we would very much welcome people's thoughts on our initial ideas."
Source: FOOTYMAD
