Transport for London is proposing radical changes to Highbury Corner, which would see the one way system scrapped and the road outside the station paved over for pedestrians.
Working with Islington Council, TfL says it wants to make the changes in order to make the area around Highbury & Islington station more accesible for pedestrians and cyclists, and to reduce congestion on pedestrian walkways in the area.
As well as replacing the one way roundabout with a two way traffic system, the proposals would see designated segregated cycle lanes introduced, and a large pedestrianised public space created at the front of the station.
TfL has put forward two options for the public area, which would be around half the size of a football pitch, and would be built around the existing Highbury Corner arboretum.
One option would see the arboretum opened up to the public, and the other would see a local community facility in the station square, such as a café or market stalls.
Explaining the reasons for the radical overhaul in a consultation document, TfL said: "A large number of pedestrians use the area resulting in crowded footways around Highbury & Islington station.
"The roundabout can also be difficult for cyclists to navigate and has been identified as a key barrier to cycle movement. Although cyclists make up 22 percent of all traffic at Highbury Corner roundabout in the morning rush-hour, there are currently limited cycle facilities there.
"The proposed changes would make Highbury Corner a more welcoming area and balance the needs of all users more effectively."
As part of the changes, TfL also plans to withdraw the 277 bus route between Highbury Corner and Dalston.
Although journeys for cyclists and pedestrians are expected to be improved, road and bus users may see longer travel times as a result of the redevelopment.
The consultation document states: "We expect the proposals to mean changes to journey times for road users.
"Some journey times for motorists and bus passengers are predicted to get longer at busy times, whereas others are predicted to get shorter or stay the same. The proposals could also lead to some traffic seeking alternative routes.
"Islington Council and TfL are committed to monitoring traffic levels on local roads and would consider mitigating measures if there were a significant increase in traffic flows along particular routes."
A public consultation on the plans is open until Sunday, March 20.
