The emerging proposals would revamp the west stand and create a new permanent stand on the east. Saracens are planning to create a community stadium that would host premier athletics and would feature two demountable stands at either end for the winter rugby season.
Saracens are urgently seeking a home with the potentional for long term sustainability and the venue could be the ideal opportunity for the club to return to their roots in north London.
"There is a unique opportunity to create a fabulous stadium. Shaftesbury Barnet Harriers would thrive, Saracens would use the artificial turf pitch around 16 times per year, and the rest of the time - up to 350 days per year - the field could be used by schools, local clubs and the wider community." Said chairman Nigel Wray.
"Barnet Copthall would also become a new hub for the award-winning Saracens Foundation, which has been working with more than 500,000 young people in London over the past decade, improving lives by running various courses that link education and sport.
"It goes without saying we will consult widely and extensively with the local community and stakeholders to establish a proper dialogue and ensure we create an asset that meets all the requirements of local residents and sports clubs.
"In the process, we will create a home for Saracens, an ambitious club playing entertaining rugby in a superb stadium, an institution which will make the people of Barnet and all North London can feel proud for many years to come."
Geoff Morphitis, Treasurer of Shaftesbury Barnet Harriers said: "This is a tremendous opportunity in these difficult financial times to refurbish a stand that is nearly 50 years old and to bring in new facilities.
"This would ensure the venue can continue to host top class athletics meetings and serve as a valuable sports facility for the local community. We look forward to working with Saracens to ensure the delivery of an outstanding sporting venue and to expand our work in the local community."