The project was revealed during a press conference where the official logo for next year's Major League Baseball All-Star Game in Los Angeles was unveiled.
The modernized Dodger Stadium will feature a new center field plaza with new food concessions, two sports bars, a children's play area and a space for pre- and post-game concerts.
The work is expected to be completed in time for the 2020 season.
"Dodger Stadium has always been and remains the most beautiful place ever built to play or watch the game of baseball, and these renovations will enhance every aspect of the fan experience with modern and family friendly amenities," Dodgers president and chief executive Stan Kasten said.
Plans call for elevators and bridges to connect the outfield pavilions with the rest of the stadium, which opened in 1962 and is the third-oldest ballpark in use in the major leagues behind Wrigley Field (opened in 1914) in Chicago and Fenway Park (1912) in Boston.
The center field plaza will serve as permanent home for the "Legends of Dodger Baseball" plaques.
A statue of Jackie Robinson will be moved to the plaza from its current location in the left field reserve area and will be joined by a statue of Koufax, a three-time Cy Young award winner who won four World Series titles with the team.