Derby City Council is looking to raise £11m to refurbish the Guildhall (pictured) market and Eagle Centre market.
The council is aiming to obtain £8m from the Heritage Lottery Fund to create a St Pancras-inspired look for the Guildhall Market Hall in the Cathedral Quarter.
Recommendations have been made to offer more 'upmarket' food and drink stalls and restaurants.
The council is also expected to begin discussions with shopping centre group Intu on revamping the Eagle Centre market in St Peter's Square.
The plans are part of the council's 15-year vision to revitalise Derby city centre.
