Lambeth Council's cabinet has approved for consultation an updated planning policy document for the Waterloo area.
"Waterloo is a key area of growth for us in the borough, a key tourist destination and major provider of jobs," said Cllr Lib Peck, cabinet member for regeneration.
"We've got some very big planning applications that are in various states, big opportunities for development and there are plans for transforming Waterloo Station."
The council carried out a consultation on the Waterloo Supplementary Planning Document back in 2009 but the policy has now been tweaked to bring it up to date.
It also provides indicative options for high-rise development – up to 20 storeys – above and around the station. The council believes that 10,000 to 20,000 jobs could be created in such buildings but acknowledges that this is "unlikely to come forward until the 2020s".
The document also calls for the relocation of Waterloo Bus Garage away from Cornwall Road.