London Stansted is offering to add a second runway to support a UK hub, or to become a four-runway hub itself to serve the southeast.
It will make its submission to the Airports Commission later today, just meeting the deadline.
Charlie Cornish, chief executive of owner Manchester Airports Group, said: "Almost overnight, Stansted could double the number of flights it handles without any need for significant investment in new infrastructure.
"Looking to the long-term, the interests of passengers will be best served by a pragmatic approach, focused on delivering new capacity that is cost-effective and flexible, and capable of driving competition across the aviation industry.
"Developing new capacity at a number of airports is likely to be best for passengers. Should the Commission take a different view and conclude that the UK needs an effective hub to provide international connectivity, then Stansted could certainly fulfil that role in a cost-effective way."
But the British Air Transport Association (BATA) said it is crucial that any new airport capacity is both affordable and located where airlines and passengers will use it.
"Unaffordable or poorly located capacity will not be used and risks being a ‘white elephant’," said Simon Buck, BATA chief executive.
"To ensure there is no further erosion of the UK’s competitive position, the Government must set a clear commitment to a new and robust national aviation policy that truly maintains the UK’s status as an international hub for aviation and also permits growth in non-hub airport capacity when and where demand requires."
