The Galliard Group has been named as the successful bidder for the site, with West Ham saying they had chosen a developer with close links to the community and a plan to honour the history of the club as part of its development on the site.
Hammers vice-chairman Karren Brady said: "We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London.
"We know they are committed to working closely with the local community and Newham Council on proposals to transform the site into a residential and retail village, which will benefit the local community and east London's regional economy.
"The deal demonstrates that we have been true to our word by securing the regeneration of two areas of east London through our move to the Olympic Stadium in 2016.
"In addition, and most importantly for us, we can see that Galliard are passionate about working with West Ham United to engage their supporters to help deliver a fitting legacy that will honour the tradition of the famous ground.
"We are confident that West Ham United fans will be excited about their vision and the way they plan to respect more than 100 years of West Ham history at Upton Park."
The Galliard Group plans to build new homes on the site as well as retail and leisure facilities with underground parking which would be completed by 2018. The group has also been in talks with the family of former West Ham and England captain Bobby Moore about the possibility of placing a landscaped garden named in his honour at the centre of the site.
There are also plans for a statue of Moore and further artwork to commemorate the history of West Ham.
Moore's daughter Roberta Moore said: "I have always believed that there should be some form of permanent West Ham United presence at the Boleyn Ground site after the team leave and I'm really pleased that the centre point of the development is planned to be named in honour of my father.
"Hopefully the new sculptures and buildings being proposed will also help ensure that a lasting legacy to the Club, my father and his team-mates is left at Upton Park."