Major private sector firms and Birmingham City Council are drawing up a regeneration framework to deliver a £1 billion makeover of Paradise Circus and the surrounding area.
The West End project will create four million square feet of high-quality mixed use development and attract thousands of new jobs in the professional services sector.
The scheme could involve demolition of the Central Library and construction of a new library on the Paradise Circus site.
The council has brought together Arena Central Developments, Argent and Targetfollow to devise development options.
Argent, which built Brindleyplace, owns the lease on Paradise Forum and Chamberlain House while Target-follow is refurbishing and extending Baskerville House - a possible location for the new library.
University of Central England, a significant landowner in the area, will be a member of the framework steering committee. UCE has interests in the School of Music, the Conservatoire and the Cambrian halls of residence behind Baskerville House.
The collaboration between public and private sectors is the idea of city council leader Mike Whitby.
Coun Whitby (Con Harborne) said: "Birmingham's track record in initiating regeneration is second to none - a fact recognised last year by the Urban Land Institute's award to the city.
"Our approach to remaining competitive in today's marketplace is outstanding and the energy and drive that delivers the ongoing regeneration of the city shows no signs of diminishing.
"Birmingham has rein-vented itself magnificently in the past 15 years and the West End framework will provide a strategy in which the completed vision for this area of the city and the timescales for delivery are set out.
Kick-starting the programme is Targetfollow's appointment of Sir Terry Farrell to draw up a strategic design framework for the land surrounding Baskerville House, known as Baskerville Wharf.
The site covers an extensive area north of Centenary Square.
Plans are being worked out by Argent for an initial £2 million facelift for Paradise Forum, with a mix of retail and leisure uses.
Argent director Gary Taylor said: "A framework to clarify the vision for the area will drive the process forward as, although the area has benefited greatly in the last decade from high levels of private investment, the uncertainty surrounding particular areas such as Paradise Circus has led to a lack of investment which is letting the city down.