The 28,000 sq m mixed-use scheme, led by Coventry City Council in partnership with developer Cannon Kirk, will create a cohesive transport interchange for trains, buses and taxis, while offering 600 parking spaces for rail commuters.
A range of office and retail units, flats and public spaces will also feature in Farrells' masterplan.
A key issue is how to enhance pedestrian access between the station and city centre, which is currently hindered by a busy dual-carriageway ringroad.
Terry Farrell commented: 'This forms a perceived barrier to pedestrians. One of our key aims will be to ensure that the railway station and station square area are fundamental to the city centre and no longer adrift from it.'
City councillors are convinced regeneration of brownfield land around the station is central to the future economic prosperity of the city.
'[Farrells' scheme] will further assist our growth agenda which we are currently consulting on and shows that the city council is adopting an integrated approach and not as some people are suggesting getting things in the wrong order,' said Dave Arrowsmith, cabinet member for urban regeneration at Coventry council.