West Ham has been in exclusive negotiations since December over the terms of a 99-year lease that will allow the club to move from its 35,000-capacity Upton Park nearby in east London. A deal is expected to be announced Friday.
Besides paying annual rent, West Ham owners David Gold and David Sullivan will have to give the London legacy company a share of any profit if they sell the club.
The stadium requires retractable seating to cover the running track during football games.
Although the stadium isn't due to be ready for West Ham until 2016, sports minister Hugh Robertson says it is set to stage Rugby World Cup matches in 2015.