Lancaster City Council is to debate the proposed Canal Corridor North development at its Cabinet meeting on Tuesday, March 13.
Members will consider whether to extend the period of its development agreement with developer Centros by five years.
It is understood Centros is close to finalising a revised version of their plans for submission to the authority.
A council spokesman said: “In January 2011 Cabinet authorised officers to discuss the extension and amendment of the Development Agreement with Centros and to report back to Cabinet.
“The outcome of these discussions will be reported to Cabinet at its meeting on Tuesday, March 13.
“Members will be asked to consider varying the existing development agreement and associated documents to allow for an extension for a five year period.
“This will allow the developer to bring forward a revised scheme of regeneration for the Canal Corridor North site.”
The Cabinet meeting starts at 10am, but the public and press will be excluded from the Canal Corridor North debate.