Landsec is owner of the mammoth shopping centre and is working with the city council on the huge rethink plan to create new city centre region with shops, offices and homes.
Proposals will include building a concrete raft over the railway line cutting into Queen Street Station for extra public space or a building.
Glasgow City Council is considering the use of Tax Incremental Finance to support some of the major enabling works that would be required.
Once complete the huge project could result in over £1bn of gross value added to the economy each year, demonstrating a significant benefit to Glasgow and Scotland.
Over 850 construction jobs could be created each year during the build phase leading to over 9,500 permanent jobs for the city centre.
David Heaford, managing director – Development at Landsec said: “Cities around the world are learning to adapt to the public’s changing habits – and we want to help Glasgow to be well-positioned to do the same.
“Our vision is to replace the existing shopping centre with an exciting new mixed-use urban neighbourhood in the heart of Glasgow city centre, blending world-class shopping with places to work, live and play.
“Our plans will seek to extend the city’s iconic and accessible grid layout, support the city’s net zero ambitions.
“We will be launching a wide-ranging consultation, kicking off in the spring, to help create a place that makes a lasting positive contribution to the city and all those who live, work and visit here.”
A wide-ranging consultation will commence this spring.