St John's Wood Barracks is set to be demolished and rebuilt as a housing complex.
The former Army barracks in Ordnance Hill may be transformed into 139 new homes, if planning permission is given to trustees of the Eyre Estate, which owns the site.
The King's Troop, currently stationed at the Barracks' stables, announced plans to move to new headquarters in Woolwich in 2012.
The troop takes part in royal ceremonial duties, including providing a carriage and black horses for state and military funerals, and taking part in the Lord Mayor's show.
Proposals for the Barracks site include building 77 private houses and apartments and 62 affordable homes.
There would be car-parking spaces, both private and communal gardens and a new footpath would be built through the site.
The developers plan to retain and refurbish the existing Grade II listed riding school.
Chief executive of the Eyre Estate, Ted Johnson, said: "We need to look to the future of the area following the King's Troop's move in 2012. These proposals provide new homes and amenities in a layout that is appropriate to the surrounding area, with sustainability and energy efficiency high on the Eyre Estate's priorities."
St John's Wood Barracks have seen many changes since they were first used by the Artillery Brigade in 1810, who took over the site of what was then St John's Wood Farm.
The riding school was completed in 1825, and is one of the few buildings to survive today.
In 1832, the Recruit Depot of Foot Guards moved into the Barracks and a new block was built in 1835, complete with a cricket ground, five tennis courts and a gymnasium.
Infantry remained in the barracks until 1876, when they were moved to Knightsbridge Cavalry Barracks. The King's Troop arrived four years later, where is has remained ever since, with the exception of the two world wars.
Westminster Council's planning committee will decide on the future of St John's Wood Barracks at a date yet to be confirmed.