The plans would see Leeds City Council releasing 36.2 hectares of land in and around the airport’s Yeadon site.
It would be used for improvements such as an expanded passenger terminal and the development of an ‘airport village’ boasting a hotel, restaurant and retail outlets.
Improved transport connections including a new link road are also under consideration.
The proposals will be debated at a meeting of the council’s executive board next Wednesday, July 15.
Coun Richard Lewis, executive member for regeneration, transport and planning, said: “Releasing this land in and around the airport is vital to meet the local employment needs of the area in terms of helping established businesses grow and to encourage new jobs and skills opportunities.
“Together with the planned improvements to the airport infrastructure and the transport links, these plans show the ambition of the city to work with the airport and the local communities to bring about the maximum benefits in an ambitious but sustainable way.”
Private equity group Bridgepoint bought Leeds Bradford Airport in 2007 from Leeds, Bradford, Wakefield, Kirklees and Calderdale councils.
Leeds raked in nearly £60m from the £145m deal, thanks to the 40 per cent share it had in the airport.