The Blues announced plans to transform the Grade II* listed building in Wandsworth into "one of the most iconic football stadiums in the world".
The 60,000-seater ground, which would take between three and four years to construct, would include the power station's four chimneys and other aspects of the existing structure as part of the design.
Chelsea are not the only bidders for the site, which was valued at £500million in October and was put up for sale two months later amid an administration saga.
The Blues maintain they have yet to decide whether to relocate but they have also insisted it is not economically viable to redevelop Stamford Bridge.
Their hopes of moving rest on convincing fan-led group Chelsea Pitch Owners to sell them the freehold of their current home, something they failed to do at an extraordinary general meeting in October.
"Battersea Power Station is one of London's most famous buildings and has the potential to become one of the most iconic football stadiums in the world," Chelsea said in a statement.
CPO shareholders have accused Chelsea of failing to fully explore the prospect of revamping Stamford Bridge, while Hammersmith and Fulham Council have disputed their claims that doing so would be far more expensive than moving.
SayNoCPO, the group of CPO shareholders who spearheaded the opposition to Chelsea's bid to buy the Stamford Bridge freehold six months ago, told Press Association Sport: "The viability of redeveloping Stamford Bridge is still a very relevant issue, with Hammersmith and Fulham Council openly contradicting the club's negative projections."