The Cottagers ambitious new proposals will raise the capacity at their stadium from 25,700 to 29,600 and open up a previously closed riverside walk from Putney to Hammersmith with part of the stand hovering above the Thames.
Chairman Shahid Khan, who was in London for Saturday’s 2-2 draw with QPR, said: "Our goal for a brighter future for Fulham Football Club, the neighbourhood, our borough and all of London is now at our doorstep.
“Tonight's news wouldn't be possible if not for supporters and local residents who believed in our vision, so I hope they will join us in celebrating what will be a new and important chapter in the history of Fulham and Craven Cottage.
“While there are too many people to thank, no one who helped to play a role in this process to date will ever be forgotten.”
The new stand will include shops, cafes and nine short-stay apartments in addition to adding a second tier for supporters. Work is expected to begin on the stand in the summer of 2019.