The proposal involves the addition of a new terminal, incorporating the HS2 fast rail network and adding a second runway, which will allow the airport to boost its passenger capacity to around 70 million passengers and air transport movements to 500,000 per year.
Plans also include the development of a business park for Birmingham's manufacturing sector together with an expanded airport site.
Birmingham Airport CEO Paul Kehoe said that Birmingham deserves a great airport.
"In 20 years' time British air travel will double and it is widely acknowledged that all the country's long-haul traffic cannot be routed through one airport in West London," Kehoe said.
"Instead, we believe that the best thing for UK aviation is to create a network of long-haul national airports, each supporting the comparative economic advantages of that region to boost trade, foreign investment and tourism."
The proposal comes in reply to the UK Airports Commission, which is considering how the country can handle increased demands for air traffic.
Other options include expanding Heathrow or the construction of a new airport in the Thames Estuary, known as Boris Island, while Birmingham Airport has entered into the fray with the new proposal.
In early May 2013, the London Assembly's Transport Committee claimed in its report that despite increasing air traffic the capacity at some of the London airports including Gatwick, Heathrow, Luton and Stansted is being underused and could allow more flights.
Image: The plan would transform Birmingham Airport into a two runway hub serving more passengers and flights than Heathrow Airport.