Millennium Dome, London: The Dome, now the O2 arena, opened in Greenwich in December 2000. Resembles a large circular marquee or giant 'Big Top'. Supported by 12 yellow towers – one for each month of the year. The largest structure of its kind in the wor / AFP/Getty Images

Could the London-based venue become the new luxury shopping destination?

The owners of The O2 in Greenwich plan to open a designer outlet centre, which would rival the Duchess of Cambridge's favourite shopping destination, Bicester Village in Oxfordshire.

Land Securities, the UK’s biggest property company, have reportedly signed up for six months of negotiations over the project and it is set to partner with The O2 Arena to create a shopping experience on the venue’s ground floor and upper balcony of its south-east section.

The property giant and the American-owned AEG Europe hope to attract the world’s most powerful and biggest luxury fashion houses such as Dior, Dolce & Gabbana, Louis Vuitton and Prada.

If the agreement is reached, the shopping centre is set to have over 100 luxury discount stores that, like Bicester Village, would offer designer collections at discounts of up to 60 per cent.

Brands at the Oxfordshire luxury shopping destination are understood to have signed an exclusivity agreement preventing them from opening any other outlet store with a certain distance of the complex. But according to the report, the London-based venue falls outside this zone.

Alistair Wood, senior vice president of real estate and development for AEG, said: “We are strongly of the view that a well-executed and positioned designer outlet village could drive the huge success enjoyed to date at the O2.

“We welcome Land Securities as our potential partner, who we believe to be an ideal match in terms of track record and skill set.”

Formerly known as the Millennium Dome, the O2 saw a record-breaking year in 2013 with more than nine million visitors who flocked to the arena watch Fleetwood Mac, One Direction and Beyoncé's performances. With this plan, the London-based venue plans to develop unused space and bring in more activity at daytime.

Bicester Village is home to 130 outlets of brands such as Armani, Burberry, Dior, Jimmy Choo and Ralph Lauren.