McAslan's New Street plans form part of the wider £500 million Birmingham Gateway redevelopment.
Proposals for the station include the incorporation of more space to increase passenger capacity and a completely new station exterior ( pictured).
Birmingham City Council leader Mike Whitby said: 'Birmingham Gateway is the product of a lot of hard work and analysis by a strong partnership of dedicated professionals.
'As well as being a catalyst for economic development at the heart of our city, the scheme is good value for money and would deliver significant wider regeneration potential for the region.'
Other plans in the pipeline include a hi-tech transparent roof, better access to platforms via 42 new escalators and 14 new lifts.