The Motional Stark Effect (MSE) diagnostic will be essential for the study of advanced scenarios on ITER and its design is currently underway. In order meet the ITER MSE diagnostic design requirements, two approaches for the measurement are under consideration. The first is based on standard polarimeter techniques to measure the polarization of the emitted light, whereas the second measures the Stark splitting from which |B| can be inferred, where |B| is the magnitude of the total magnetic field. The baseline design of the optical system is centered on the first approach. Emphasis in this case is placed on minimizing the polarization aberrations of the optical relay system. Motivation for the second method results from concern that the optical properties of the plasma-facing mirror, particularly its diattenuation and retardance, will degrade with plasma exposure. The second approach, while less sensitive to aberrations induced by plasma exposure effects, requires greater optical throughput in order to measure the complete Stark spectrum. We have developed optimized designs for both techniques and will present a comparison of them and discuss the associated design trade-offs.