The huge white Art Deco building on Edge Lane could be transformed into a 4.5 hectare hub incorporating film and television studios, a report said.
The Littlewoods Studios Liverpool campus would include nearby Liverpool Innovation Park and the Liverpool Theatre School.
If plans are approved by the council on Friday, work could start "immediately".
It is estimated the project could create up to 900 full-time jobs.
The property was built in the 1930s for Sir John Moores and his brother Cecil to house their football pools business.
It was designed by Scottish Architect Gerald de Courcey Fraser, who also designed a number of department stores for Lewis's.
Mayor of Liverpool, Joe Anderson, said the building is in "a great location to attract productions to the city".
"With this development we can support the film sector, attract inward investment and give a boost to the local economy," he added.
A report by the Film Office revealed that, in 2014-2015, the city missed out on a potential £20m filming revenue due to capacity issues in the city.
Projects filmed in the city recently include feature film Florence Foster Jenkins starring Meryl Streep and Hugh Grant, Stephen Poliakoff drama Close to the Enemy, supernatural crime drama Houdini and Doyle and Sky's new drama The Five.
The former Littlewoods Pools Building has been empty since 2003, although developer Capital and Centric has recently completed a £4m conversion of the Bunker Building to create office space for digital and creative companies.
The company will continue to work on the buildings and take direct ownership of the site.
The developer has previously submitted plans to turn the art deco building into a hotel.

In the Islamic centre, blood smeared the floor and walls and bullet holes could still be seen in the aftermath of the carnage.
Worshippers said they wanted to show the world the scene of the crime.
Alleged gunman Alexandre Bissonette, 27, has been charged with six counts of murder and five of attempted murder.
Mosque vice-president Mohamed Labidi, in an emotional news conference, said they were opening the mosque to show the consequences of hate and Islamophobia.
He said they had been "attacked in the heart of their community".
Mr Labadi also described the courage of one of the victims, Azzedine Soufiane, 57, who died trying to protect other worshippers as the gunman entered the mosque on Sunday during evening prayers.
"When he saw the attacker recharge his gun, he ran quickly to immobilise him," said Mr Labadi.
"But the attacker was quicker and shot him directly and he fell down here, he fell down here as a hero." He pointed to a patch of blood on the floor.
"Without his intervention, we would have more martyrs."
Mr Soufiane ran a halal butcher shop in the suburb of Sainte-Foy, down the street from the Quebec Islamic Cultural Centre, and has been described as an important member of the local Muslim community.
The six worshippers who died were immigrants who had moved to Quebec to seek a better life.
The other victims were Khaled Belkacemi, 60, Abdelkrim Hassane, 41, Mamadou Tanou Barry, 42,  Ibrahima Barry, 39, and Aboubaker Thabti, 44.
The funerals for three, Mr Hassane, Mr Thabti and Mr Belkacemi, will be held in Montreal on Thursday and their bodies will be repatriated to their countries of origin.
In the wake of the deadly shooting, Quebecers and their political leaders rallied around the province's Muslim community, with thousands attending vigils to commemorate those killed and injured.
Plans to turn the former Littlewoods Pools building in Liverpool into a £25m film and TV studio have been announced.
[NEXT_CONCEPT]
The Quebec City mosque that was the scene of a deadly shooting on Sunday has opened its doors for the first the since the attack.