The £300m redevelopment plans for the 600 acre site include a whisky distillery, new homes and a food and drink centre of excellence.
It is expected the 19th century building could be transformed into a five-star hotel.
Vicon UK, based in Ayrshire, has submitted plans for the site of the theme park, which closed at the end of summer 2010.
The group has pledged to use local firms wherever possible and to consult the local community on the plans.
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Neil Rattray, chief executive of Vicon UK, said: "We are committed to making this project a success and we will now work with our partners and stakeholders such as East Ayrshire Council to deliver a stunning development which will become a landmark centre of excellence destination in Scotland.
"Since the closure of the theme park, there has been a great deal of interest in the future of the site.
"We have been working tremendously hard over a period of many months to ensure we attracted the right investor and have put together a realistic proposal that will deliver significant economic benefit to East Ayrshire.
"These plans have been created in consultation with the owner of the site, with the interests of Galston at heart, and we are convinced that the people of Ayrshire and beyond will benefit hugely from this new investment in Scotland.
"There has already been significant consultation with the local community and we are confident we have its backing for these plans."
(IT)
