Pinewood Shepperton in London has prepared a new plan to double the size of its studio site over the next 15 - 20 years.
The company, which provided locations for recent James Bond and Harry Potter films, said the £194 million investment was needed to compete with Hollywood.
Pinewood said the expansion would create 3100 new jobs.
The BBC reports an earlier proposal was rejected by South Buckinghamshire Council after five years in preparation.
Pinewood has now dropped plans in its previous proposal to build more than 1000 houses as part of the redevelopment.
The new plan will create 100,000 sq metres of new stages, workshops, production offices and streetscapes.
In November, the group reported a pre-tax profit of £3 million in the six months to 30 September, compared to a loss of £5.4 million for the half year to the end of December last year.
Film revenues for the half year to end of September were £18.8 million, up 15% from £16.4 million for the six months to the end of December 2011.
However, TV production revenues were down to £2.5 million from £3.6 million.