Galliard is planning to redevelop the site into a major residential and retail village with up to 700 new homes, shops, leisure facilities and underground parking.
Galliard Group chief executive Stephen Conway said in a statement that the developer will work closely with Newham Council and consult with local residents and businesses and the West Ham United Supporter Advisory Board to create a masterplan for the site which is "respectful of the cultural and economic diversity of the local area".
The football club selected Galliard as the purchaser for the site following a bidding process. The club said it was impressed with Galliard's links to the local community and its commitment to honouring the history of the club as part of its proposals.
"We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London," said West Ham United vice chairman Karren Brady in a statement. "We know they are committed to working closely with the local community and Newham Council on proposals to transform the site into a residential and retail village, which will benefit the local community and east London's regional economy," she added.
The village is expected to be completed in late 2018 following a 30 month construction programme.
