As the club fights with London rival Tottenham Hotspur, Hammers co-owner David Gold said he believed the club could build a legacy at the site without removing the running track.
Tottenham also handed in their final bid to use the site on Friday, although they have significantly different plans for its future.
Spurs hope to take down the existing structure and build a new 60,000 seater stadium on the same site, while also offering to refurbish a 25,000 seater athletics stadium at Crystal Palace in the capital city.
Conversely, West Ham intend to keep the existing running track despite fears it may take away the atmosphere and the view for fans who will be a significant distance away from the pitch.
Essex County Cricket Club could also use the ground in the summer too – as well as it still being used as an athletics venue.
The management of the bid, including Gold, believe the plan can work and give the London Olympics a truly lasting legacy.
“Well I think it is more than just about West Ham Football Club, this is a community,” Gold said.
“I started out here more years ago than I care to remember, that’s what give me a thrill when I look at this stadium in a very deprived area and I see what is happening here, for me personally as well as the community and this is what this is all about.”
“This is about community, this is about Newham and West Ham joining forces so that there will be a legacy here for the next 200 years.”
“I can guarantee not only will it be good for fans to watch football but also for many other sports.”
“We are hoping to hold cricket here, there will be athletics here, which we believe that we should keep our promises in so doing but also in conjunction with Newham Council our partners, we believe this venue will be not only a sporting venue but also absolutely fantastic for the community.”