Danish architecture office 3XN is working with German landscape and urban planning firm Latz + Partner to design the 11,500-seater arena, which will become home to the city's basketball and ice hockey teams.
A green roof will cover the oval structure, which will be built on the site of the former Olympic cycling track stadium that was designed by German architect Günther Behnisch for the 1972 Summer Olympics.
"During the design process, we continually thought about the park's original design and asked ourselves how Günter Behnisch would have approached the task," said Jan Ammundsen, head of design at 3XN
"It was important to us to create a flexible, multipurpose arena with a strong identity while respecting the history and vision of the original Olympic park and fitting in quite naturally. We want to create the perfect backdrop for a fantastic fan experience."
The arena, which is owned by Red Bull Stadion München, will be home to the German ice hockey champions Munich Red Bulls and basketball champions FC Bayern Munich.
Vertical lamella's will ring the facade, swooping upwards to frame a glass-panelled entrance. 3XN has also wrapped a large sporting and cultural arena in Copenhagen in timber fins, and plans to cover Bergen's new ice hockey arena in curving louvres.
In addition to the arena, three more ice rinks will be built as training facilities next to the main building.
These will be sunk underground and covered with landscaping to create a hill covered with paths and trees to blends in with the existing park.
"The sports venues at the heart of the Olympic Park form an extraordinary ensemble and hence demanded a sensitive planning approach to the new sports arena," added Christine Strobl, mayor of Munich.
"The new sports arena will integrate harmoniously with the existing park landscape, while its structured facade and roof greening will create elegant highlights."
The arena currently has no name, but fans are being encouraged to enter a naming competition using the hashtag #NameGameOn. It is set to open on the in summer 2021.