Crystal Palace Park could change hands under new plans to attract investment for the area.
The park, which is maintained by Bromley Council and straddles five London boroughs including Lambeth, could be taken over by a not-for profit organisation.
The council also plans to challenge a levy paid by all London boroughs for the upkeep of Lee Valley Regional Park in north London, which, if terminated, would allow it to spend extra money on Crystal Palace Park.
Councillor Colin Smith, executive councillor for environment, said: "Our intention is to secure major investment for this fantastic, scenic asset, and to build markedly upon the works we already do locally.
"It offers a vision, and a wonderful opportunity for the five neighbouring boroughs to work together to transform the park into a regional gem capable matching any other park across the capital."
The proposal will be opened up to wider consultation, with future governance options presented to the executive next year.
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