Site owner Treasury Holdings last week unveiled the latest plans to turn the disused power station and its surrounding area into residential, office and retail space, with a 2.4ha park and a riverside walk.
These plans include a possible extension of the Northern Line from Kennington via Wandsworth Road.
"The best option for real improvement would be an extension of the Northern Line, which we are keen to pursue," said a Treasury Holdings spokesman.
"It is most likely to be entirely privately funded as [Transport for London (TfL)] money has been committed to other projects like Crossrail."
Improvements to transport links are seen by Wandsworth Council as necessary to support any development in the area.
"From a planning perspective, they’ve got to tick certain boxes," said a Wandsworth Council spokesman.
Treasury Holdings has commissioned Steer Davies Gleave to carry out a feasibility study into the Northern Line extension. This will then feed into an overview of transport in the area being carried out by TfL.