The proposal is to introduce two pedestrian crossings, widen the pavements and retain the existing cycle track.
However, TfL also wants to increase parking restrictions by removing some bays and installing double red lines.
A spokesperson says this will make bus journeys quicker and improve pedestrian safety.
Penny Rees, TfL’s Head of Healthy Streets Investment, said: “The consultation for the proposed scheme in St Helier Avenue, which aims to improve pedestrian safety and bus services, is now open. We welcome all feedback from customers and encourage everyone to respond to the consultation. Feedback is hugely important to us and will enable us to make improvements to the safety of all road users in the local area.”