The project, which will be carried out in a phased approach to allow the stadium to remain operational, will see the ground expand by more than 15,000 seats.
Despite currently being in the second tier Championship, Leeds are one of England's best supported clubs.
Elland Road has been sold out for every match over the last six years and the club have a 26,000 strong waiting list for season tickets.
"The opportunity to refresh a century-old stadium, coupled with the legacy of Leeds United, is unprecedented," said Paraag Marathe, Leeds chairman and president of the club's owners, 49ers Enterprises.
"Our plans reinforce our commitment to the long-term success of the club and I am excited that we are going to be able to welcome thousands more supporters to every game, in a stadium that retains the unique atmosphere of Elland Road."
Once the work is completed, Elland Road would be the seventh-largest club ground in England.
