Revamp work on the 700,000 sq ft shopping centre could now start in early 2013 with the new leisure and restaurant quarter open in Autumn 2014.
The proposals, designed by Leslie Jones Architecture, include redesigning 140,000sq ft of internal shopping space and creating a family-friendly leisure quarter.
Hammerson bought the shopping centre last March as part of a strategic move away from office development to retail.
Two flagship retails units will be built for fashion retailers alongside the new restaurants.
Hammerson also plans to bring a multi-screen cinema to Centrale to create a cinema anchor for the scheme and fit a glazed roof link over Drummond Street to link to neighbouring parts of the town.
Lawrence Hutchings, Hammerson managing director UK Retail said: “There has been significant underinvestment in Croydon’s retail core for some time with major brands missing from the town’s retail mix.
“Croydon has one of the highest catchment spends in the UK and our proposals will deliver well designed space creating a new prime pitch for the town.”