Developer Capital & Centric said it was aiming to start work on the Littlewoods Pools building in the summer.
The cost of the projects has yet to be confirmed but is understood to be in the region of £16m.
Works will involve converting the east and west wings of the building into a 108-bedroom hotel, 46,000 sq ft of business units and 46,0600 sq ft of office space.
The plans will help safeguard Liverpool’s heritage and provide a huge jobs boost to the city.
A spokesman for C&C said they were still deciding on the best procurement route for the job.