Luton Airport owner London Luton Airport (LLAL) and the Abertis-run London Luton Airport Operations (LLAOL) are planning to submit a combined capacity expansion plan for the airport in autumn 2012.
The move follows the signing of a contract extension by the current operators to continue to run the airport until 2031, after both the parties agreed to merge their plans in June 2012.
LLAOL managing director Glyn Jones said: "The agreement would allow it to continue to deliver sustainable growth together, developing the airport in a positive way for partners, residents and passengers."
In January 2012, the Luton Borough Council revealed proposals to increase the passenger numbers to 18 million a year, but in March, the operator said that 15 million was more practical.
LLAL had previously said that they were in need of a partner to help cover the cost and at one point it was thought that they might finish the current deal with LLAOL, which was due to end in 2028, in 2014, following the submission of a rival plan.
London Luton Airport Operations managing director Glyn Jones said: "Last year the airport was the UK's fastest growing major airport and this agreement will enable both parties to continue to deliver sustainable growth together, developing the airport in a positive way for partners, residents and passengers."
The proposal includes improvement of the airport's crowded road network, construction of a new multi-storey car park and refurbishes the passenger terminal.
Currently, the airport has a maximum capacity to handle 11.5 million passengers per year, though it is only expected to handle 9.6 million in 2012.
Image: The proposed expansion plans are aimed at increasing the capacity of London Luton airport. Photo: courtesy of Steff.