The Premier League club submitted the proposal on Thursday and believe they are the only viable option for delivering the legacy promise made when London was named host city.
West Ham players Scott Parker, Carlton Cole and Mark Noble took the joint proposal with Newham Council to the Prime Minister's residence after it was formally presented to the Olympic Park Legacy Company earlier in the day.
"We believe this is the only bid that can deliver London's legacy commitment to the International Olympic Committee," said West Ham's vice-chairman Karren Brady.
"The last thing anyone wants is for the Olympic Stadium to become a ghost of Olympics past. The only realistic solution is to make the stadium work for a Premier League football team and that should be West Ham United.
"As a top-flight football club, we have the necessary expertise in running a major multi-purpose venue.
"Working with Newham Council, we could ensure extensive use of the stadium that would create prosperity in the local area and see this club grow and move on to another level.
"Our plan to keep most of the stadium in place protects the public investment."
The plan would see the stadium's capacity reduced to 60,000 and it would host football and athletics, alongside other major sports, concerts and community facilities.
It would also house what the bid describes as "innovative and exciting education resources" and "health and well-being programmes", as well as an Olympic visitor centre and football museum.
Should the bid - which has been publicly backed by London 2012 chairman Lord Coe and UK Athletics chaiman Ed Warner - prove successful, Upton Park would be demolished, making way for new homes, shops and community facilities.
Newham mayor, Sir Robin Wales, added: "Our proposal with West Ham is the natural and logical solution that will provide a legacy for decades to come.
"Our plans will deliver upwards of two million visitors each year and provide a significant beacon in the East End that will fulfil the original London 2012 bid commitments.
"A busy stadium will enhance the regeneration of the wider area and, importantly, there will be no cost to the public purse after the stadium's conversion."
West Ham captain Parker was joined at Downing Street by Newham young mayor Kaycee de Belen and pupils from Cleves Primary School, Upton Park, before saying: "I've been around the stadium and it is fantastic.
"It is going to be a superb venue for the Olympic Games and one we can all be proud of.
"But it also offers great potential after 2012, not just for West Ham and sport in general but for the local community. I really hope we get it."
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