Racing will continue at Kempton until at least 2021 and the closure forms part of plans to generate £500million to invest in the sport.
Course owner the Jockey Club says the proposal is
for the long-term good" of racing in Britain, while a new all-weather venue would be constructed as part of the plans.
Newmarket is the most likely location for the new all-weather course.
Roger Weatherby, senior steward of The Jockey Club, said:We must show leadership with the assets we have and, where merited, take tough decisions to help our sport to keep moving forwards
The King George VI Chase would move to Sandown if the proposal goes ahead.