Campaigners fear the London skyline could be void of Battersea Power Station's world famous chimneys if an agreement to speed up the area's development goes ahead.

Last July the power station's new owners, SP Setia, promised to repair the four white chimneys as part of their multi-billion pound development of the site.

SP Setia and the Battersea Power Station Development Company (BPSDC) agreed to remove and reconstruct the chimneys sequentially, or one at a time.

But recent discussions between the BPSDC, Wandsworth Council and English Heritage could change the original agreement and alter the process of reconstructing.

Now campaigners are deeply concerned all four chimneys could come down at the same time and will never be replaced.

Brian Barnes, chairman of the Battersea Power Station Community Group, said there is no protection for the chimneys if developers go bust, unlike an agreement set up with the previous owners.

He said: "They are never going to rebuild them - they are going to disappear from the public's consciousness.

"We don't understand their logic. The concern is they are cracked, that was a natural effect from the drying of the concrete.

"It has been there for 70 years. It can be repaired as they stand - it would cost a lot less money."

BPSDC were unable to quash the rumours about the chimneys with a spokesman saying they were in an "ongoing dialogue".

He said: "Battersea Power Station Development Company is keen that the power station is delivered as soon as possible and is in ongoing dialogue with the council and English Heritage on the chimney reconstruction."

The council and English Heritage were also unable to deny rumours all four chimneys could be replaced at the same time.

A spokesman for the council said: "This vast redevelopment project will see the iconic building rescued from a dangerous state of decay and opened up to the public for the first time in it's history.

"The site's owners are examining different ways of replacing the chimneys but any changes to the agreed methodology would need to be approved by the council in consultation with English Heritage."

A spokeswoman for English Heritage said: "Part of the discussions, which have been very constructive, has been around how best to approach the work which must be done to the chimneys and conditions will remain in place to ensure that the celebrated silhouette of this Grade II* power station will remain for generations to come."