The plan is to build a new hospital containing 234 beds alongside the existing 1863 Victorian listed buildings.
A spokesman for Broadmoor Hospital Trust said the plan is to start construction of the new hospital in 2013, but there are still land use and funding issues to be sorted out.
The redevelopment will be paid for by the Broadmoor Hospital Trust with some funding coming from the government and from selling off land holdings.
The local council has plans to use the land for house building and it has already been mooted that the existing Grade II Victorian buildings could be converted into a hotel.
The plans for the new high-security hospital, which also include building a new therapy centre, have been submitted to Bracknell Forest Council for consideration.
Redevelopment programme director Vickie Holcroft said: “This outdated Victorian layout makes it very difficult for staff to provide modern services and treatments that patients need.”
It is intended that it will house patients from the end of 2016.