The plans include an extension to current retail space, in additional a new nine screen cinema and office block facilities.
Centre Manager Des Farrell said the scheme would make Foyleside Northern Ireland's largest retail complex.
He described the planned development as a "major shot in the arm for the economy" of Derry and the greater north west.
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Around 235,000 square feet of new space would be built under the proposals. It is predicted works would take two years to complete.
Foyle MP Mark Durkan welcomed the proposals.
He said: "We've all worried as we've seen a lot of retail developments setting up out of town, so the fact that they are making the expansion in the city has to be welcomed.
"This is great news but we do have to recognise it's not something that is going to happen overnight," Mr Durkan said.
Sinn Féin Assemblywoman Martina Anderson described the proposed scheme as "major part of the jigsaw" in the regeneration of Derry city centre.
"It comes at a time of other major construction work such as the new Peace Bridge across the Foyle ,the Ilex plans and a £1bn investment in the north west's road and rail infrastructure," she added.
(PR/BMcc)
