Heathrow is to put forward arguments for a third runway to the government’s Airports Commission this week.

But it will rule out the need for a fourth runway until 2040 and the use of mixed mode operations on its existing two parallel runways.

Heathrow Airport Holdings chief executive Colin Matthews will argue that the UK is in danger of losing out because its main international airport serves fewer destinations in places such as China than its European rivals.

A new runway will bring jobs and billions of pounds of investment opportunities, Heathrow will argue in a report to be published on Wednesday.

Matthews will present three or four options as to where a new runway could be sited, with a plan to build to the west of the airport thought to be the favoured option.

Although some of the proposals will be deliberately linked to the possibility of a fourth runway, Heathrow will make it clear that on current modelling there may never be a need for further capacity increases, the Sunday Telegraph reported.

Heathrow will lay out in its submission to the Airports Commission out how local people should be compensated should they lose their homes, and detail extra payments for noise insulation.

The submission will argue that quieter aircraft in the future and more flexible flight paths will also reduce the impact on local residents.