The city council has recommended approval for the 39-storey skyscraper on the empty, former industrial site in Bath Lane, overlooking the Grand Union Canal.
Drawn up for developer Westbridge Living, the tower is part of a larger waterfront development and will sit next to two other Simpson-designed blocks - the highest a 27-storey residential building - which already have planning permission.
The lower floors of the glazed skyscraper will house a 200-bedroom hotel with apartments above.
Between the 19th and 21st storeys there will be a transparent 'skybar' featuring a restaurant, gym and swimming pool.
Developer Ryan O'Neil said: 'This scheme will set the benchmark for the city. We are making a statement of intent. It will raise the bar in both in terms of design and politically.'
However, not everyone has been impressed by the 115m-tall proposals. The Conservation Advisory Panel claimed the development was 'not appropriate for Leicester' while the city's Civic Society said any scheme in the area needed to be 'more sensitive.'