Hounslow Town Primary School would be rebuilt, creating space for its expansion to five-form entry, under the proposals.
At least 250 homes, ranging from four-bed family houses to studio apartments, would also be built on the 6.6 acre site between London Road and Pears Road, just east of Hounslow High Street.
The plans, which also include new public open space, were unveiled by Countryside, which along with Network Housing Group (NHG) has been selected by Hounslow Council to develop the plot.
It said more than 40% of the homes would be affordable, 10% would be wheelchair accessible, and a number would be available to elderly residents.
Hounslow Council leader Steve Curran said: "The development at the Hounslow Town Primary School site is central to our regeneration plans for the town centre.
"Providing good quality homes and schools are top priorities for us as a council, as having a warm, safe, secure home and a good school place for our children are the foundations of a quality life.
'Good quality homes and schools are top priorities for us as a council'
"This new development, which includes a modern, expanded primary school and 40% affordable homes will help our residents to achieve this."
Countryside, which will be the overall developer, and NHG, which will manage the affordable homes, are consulting the public about the plans, drawn up by architects at Pollard Thomas Edwards.
They intend to submit a planning application this May and to begin work in January next year, subject to permission being granted.
The new school building would be built in the first phase of the development to allow the school to continue operating on the site throughout the work.
Richard Cherry, chief executive of partnerships at Countryside, said: "Together with the council and Network, we are committed to delivering a unique and high quality scheme that will benefit the local community.
"The new school will have excellent facilities to support a modern education, with an increase in places to meet pupil demand. We look forward to working with our partners to deliver an exceptional development."