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The architects and engineers behind a speculative proposal to rebuild Euston station have hailed the chancellor鈥檚 dramatic intervention in the debate, saying to could pave the way for their ideas to get a proper hearing by HS2 chiefs.

In an splashed across the front page of the Evening Standard, George Osborne said he now favours a 鈥渞eally big redevelopment鈥� of HS2鈥檚 London terminus, containing shops, offices and apartments.

Speaking at the construction site of Aedas鈥檚 high-speed station in Hong Kong he said: 鈥淲e want to build a high-speed terminal in the middle of a great city too.

鈥淲ith HS2 coming in I think there鈥檚 a real opportunity to rethink our plans. That鈥檚 something that David Higgins will have to look at.

鈥淚鈥檝e seen what they鈥檝e done in Hong Kong and the ambition they have got and the way they integrate transport and railways with jobs, offices, commercial properties and housing. I think we should have the same level of ambition in London. There鈥檚 no reason why we can鈥檛 be taking on these great big infrastructure ideas.鈥�

Next month Higgins, the new chairman of HS2 Ltd, is due to publish a review on the project. He will now be under pressure to take the Chancellor鈥檚 views into consideration.

Arup and Grimshaw have completed their work for HS2 Ltd on a design proposal for Euston that involves demolishing roughly two-thirds of the station as well as 300 homes.

But a rival scheme has been developed by volunteers including architect Jeff Travers, who worked in the British Rail architects鈥� department on Liverpool Street, Ashford International and the Jubilee line; Euston rail planner Richard Percival; and Peter Cuming, retired planning director at Arup.

, that their could turn the chancellor鈥檚 vision into a reality without causing a four-year delay to the HS2 programme.

鈥淭hat was why they dropped the idea of a mega station before,鈥� he said.

The group is due to have a third meeting with Network Rail where Travers said they would demonstrate that their 鈥渄ouble deck down鈥� station was a viable solution on a smaller footprint that would save hundreds of houses and keep the trains running.

A Department for Transport spokesman would not be drawn on specifics but said: 鈥淭he chancellor is absolutely right to point out the fantastic opportunity HS2 provides to regenerate Euston鈥�

鈥淲e are determined to ensure that the re-development of Euston will deliver the maximum benefits for passengers, residents and businesses.鈥�

Meanwhile a in the Camden New Journal suggested Higgins could be about to drop the controversial 鈥渓ink鈥� to the Eurostar terminal that would destroy parts of Camden.

An HS2 Ltd spokesman described this as 鈥渘othing more than speculation鈥�.