Plans for the venue emerged earlier this year, alongside images of an almost identical arena planned for Las Vegas.
The entertainment company has now revealed further details of the "next-generation venue" known as MSG Sphere London.
The exterior of the sphere will be covered in digital screens used to promote artists and brands. Internally the seating bowl will feature a screen that the MSG describes as the "largest and highest resolution media display on Earth".
As well as being used for traditional music events, MSG Sphere London is also being designed to host esport events. These events could include audiences watching live video-playing competitions.
"MSG Sphere London is a natural fit for events such as esports, where audiences will be able to participate in the competition and interact with each other," said a statement from MSG.
"It represents an important milestone in the company's vision to redefine live entertainment through iconic venues that will feature game-changing technologies and pioneer the next generation of transformative, immersive experiences."
The arena will contain a range of high-tech audio and visual equipment including a "custom spherical camera system" and an adjustable acoustics systems.
MSG unveiled the renderings of the venue during an event at the nearby Queen Elizabeth Olympic Park.
The venue will be built on a two hectare site located to the east of the Westfield Stratford City shopping centre that has been purchased by MSG.
Detailed design work is currently being carried out, with a planning application expected to be submitted by the end of 2018.
The MSG Sphere London, which was first revealed earlier this year, is the second spherical venue being planned by the company behind New York’s Madison Square Garden.
It will follow a similarly shaped venue planned for Las Vegas, which is also being designed by Populous.
The area around the site of the London 2012 Olympic Games, has continued to be developed since the games. The Queen Elizabeth Park opened in 2014 and outposts for the V&A, Sadler's Wells Theatre and University College London (UCL) are planned within the Olympicopolis masterplan.