The former Royal Bank of Scotland headquarters could be turned into a hotel or department store.
Documents lodged with the council by consultants acting on behalf of the bank reportedly reveal it is considering putting forward the St Andrew Square site for development.
The plans could also see the bank’s former HQ developed into private homes.
It is believed the bank is putting the building forward for redevelopment to coincide with the overhaul of the nearby St James Centre.
Another suggestion would see the development used to help create links between the St James Centre and St Andrew Square.
Stewart Taylor, a director at planning agent CBRE, said: “The issue with 36 St Andrew Square will be in finding out what restrictions there will be in converting an older building like this. The square has undergone huge changes in the last few years and a hotel is the most obvious thing to do with a building like that.”
RBS said it had “no plans” at present to leave the site or close its branch there.
But a document lodged with the council reportedly said: “RBS recognises that the site could provide an opportunity for new mixed uses and an opportunity to link to the new quarter redevelopment to the east.”