The plans, if successful, could bring £22m investment in the town centre.
The proposals would create new civic spaces, a restructured more outward looking town centre retail offer, improve links between various parts of the town centre and the waterfront and build in capacity for a new education/college facility and town centre housing.
To do this a funding bid has been prepared to the Levelling Up Fund which would remove the A78 flyover bringing the road to ground level to increase access, remove the bullring roundabout, and 40 per cent of the existing indoor retail space in the Oak Mall, including Hector McNeil House.
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This would be replaced by a low level trunk road which does not split the town centre in two with easier access to the town centre for visitors and residents.
It would allow the Oak Mall to be restructured as an outward looking retail and leisure quarter recreating a functional heart to the centre.
The plans could create space for a new learning quarter and campus anchored on a new college facility and the existing Greenock library alongside opportunities for new town centre homes.
It could also create opportunities for a new cultural centre and quarter in the town centre developed around the Glebe Building.
The ambitious proposals would also allow for the creation of a new open civic area in the town centre creating a more welcoming to visitors and residents and improved connections between the town centre and the waterfront.
Inverclyde Council's Environment and Regeneration Convener, Councillor Michael McCormick, said: "The aim of the Levelling Up bid is to tap into national funding to bring about real transformation of the town centre in Greenock.
"The proposals would aim to ensure the sustainability of the town centre, open up and create better links in the town centre and improve access into the town centre for visitors and residents.
"The bid has taken some time to develop and needs to be submitted by 6 July 2022 and the council is now engaging with the community to find out the level of local support for the bid to bring nearly £20m investment into Greenock town centre."
