The extraordinary £5.5 billion scheme, called Liverpool Waters, is being backed by property giant Peel Holdings, which is also planning a £4.5 billion regeneration scheme across the River Mersey in Wirral.
According to the developer, the 1.9 million m2 scheme will see 'the creation of a world-class mixed-use development of over 50 buildings, many over 50 storeys high'.
Peel has also committed itself to ensuring design quality, with each building to be individually designed by 'leading architects from around the world, to ensure a mix of iconic styles'.
The new 'city' will also include a monorail connection to another of Peel's properties, Liverpool John Lennon Airport.
Peel development director Lindsay Ashworth said: 'What is essentially the front porch of Liverpool has fallen into a state of neglect and does not do the city justice.
'Liverpool Waters is a visionary scheme that will transform the waterfront and put the city in the same league as other magnificent waterside cities.'
Outline planning will be submitted in the next 12 months, and the total development of Wirral Waters and Liverpool Waters will take place over the next 30 years.