Edinburgh International Conference Centre (EICC) could be set to get an £85 million refurbishment under new proposals submitted to the council.
The project would involve the creation of an atrium entrance to the facility and a new multi-purpose hall, creating extra conference space at the venue.
It is hoped that a decision by planning officials will be made by November this year, enabling the scheme to be completed by early 2013.
The EICC would remain operational throughout the estimated 30-month building programme.
Councillor Jenny Dawe, EICC board member and leader of the City of Edinburgh Council, said she was delighted with the submission of the proposals.
"Extra conference space at the EICC is essential for Edinburgh to retain and enhance its business tourism reputation and to bring more world-class conferences and events to the city," she added.
Meanwhile, Glasgow's Scottish Exhibition and Conference Centre has fixed its prices at the current exchange rate in order to attract overseas event organisers looking to benefit from the weakness of the pound.