The LSE and the Hong Kong stock exchange have been involved in a number of merger deals over the past few years.
The proposed transaction implied a value for each London Stock Exchange share of about 8,361p, based on the HK$245.20 closing price of Hong Kong Stock Exchange shares on Tuesday.
"The board of HKEX believes a proposed combination with LSEG represents a highly compelling strategic opportunity to create a global market infrastructure leader", the Hong Kong exchange said in a statement on Wednesday.
HKEX mentioned: 'The proposed mixture would strengthen each companies, higher place them to innovate throughout markets and geographies, and provide market individuals and traders unprecedented global market connectivity'. LSE shares jumped nearly 9% to 7,400 pence on Wednesday morning.
LSE's board said it would consider the proposal and will make a further announcement in due course.
The "ambitious and far-reaching" deal was considered for several months according to a statement by the stock exchange's CEO Charles Li.
The London Stock Exchange has historically fought off approaches from overseas, preferring instead to be the acquirer.
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The LSE, which agreed to snap up data provider Refinitiv in a $27 billion blockbuster deal just weeks ago, declined to comment.
Mr Li said earlier this year in the company's latest strategic plan that HKEX aims to be "globally connected", while being "China anchored".
"If Hong Kong can not count on itself to maintain its status as an worldwide finance center, it is only natural to seek horizontal, inorganic growth through acquisition", he said by phone.
HKEX also noted that the acquisition would benefit both sides of the deal, with LSEG customers gaining better access to the Chinese market and the Hong Kong firm saying it wants to use the British exchange's trading and clearing technology.
LSEG stock surged 6.5% on the news.
In 2017, European Union regulators blocked a proposed £21bn merger between the LSE and Germany's Deutsche Boerse.
HKEX was created in 2000 after the merger of stock and derivatives exchanges in Hong Kong.
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