The firm said 330 jobs will be lost through the closure of the site at Newcastle-upon-Tyne, which is currently making Terrier vehicles for the Army.
Up to 280 further jobs will also be lost at three BAE sites in Radway Green, near Crewe, Washington in the North East and Glascoed in South Wales under the proposals, as well as the prospect of 10 job cuts at the firm's head office in Hampshire.
The factory has been a defence manufacturing site since 1847, building a number of ships and employing tens of thousands of workers in its heyday.
More top news
Police are investigating the death of a teenager who died shortly after an amateur boxing match held last night.
Labour leader says the UK "should not be afraid of debt or borrowing" as he urges the government to "stop dithering" and start investing.
A fundraising page for a Westminster terror attack victim has been taken over by JustGiving amid fears it was set up by a fraudster.