The initial designs for the project include the restoration of the 'key Art Deco elements' of the Grade-II listed theatre, a revamp of the entrance areas and a new stage.
Drawn up together with theatre experts Charcoalblue, the existing proscenium arch stage will be replaced by a new thrust stage auditorium with seating for around 1,000 people.
The company has already received 85 per cent of the funding to help with the overhaul of the 1932 building - £20 million of which will come from the regional development agency Advantage West Midlands (AJ 06.01.06).
Bennetts took over the project last year after Erick van Egeraat's scheme collapsed in early 2004.
A planning application is expected to be submitted later this year and work is due to start on site in early 2007.
The theatre's doors will re-open to the public in 2010.