The brewery's owners have said they want the £50m project to 'secure the city’s iconic beer brand for generations' and create a 'major tourism, leisure and retail destination'.
If successful, the plans will see the restoration of the Grade II-listed brewery and the introduction of a sky bar in the building's roof. The venue would also house a 100-bedroom boutique hotel, an open-plan food market, a spa and gym, function rooms and digital work studios.
The existing Brewery Tap pub, which is currently the start and end point of popular tours of the site, would be retained but restored.
"Cities like Manchester and Newcastle have been unable to save their traditional breweries but we know this scheme will ensure Liverpool has a thriving and traditional brewery for future generations," said Sudarghara Dusanj, managing director of Cains.
"We anticipate increasing production of traditional ales by as much as 300 per cent as a result of the scheme." he added.
The proposal announced today also includes plans for a four-screen independent, art-house cinema, food store, apartments and car parking plus a major residential development on an adjacent site.
The Brewery Village scheme would, according to Cains, transform the Baltic Triangle - one of the city's key regeneration areas.
A market appraisal of the site has predicted that it could attract 500,000 visitors a year once completed.
The plans have been widely welcomed by local politicians and business leaders who have praised the ambition of protecting the northern brewery which was established in 1858.
Liverpool mayor Joe Anderson said: "Proposals such as these are complex but are an indication of confidence in the city and its prospects. There is much work to be done to bring the scheme to fruition but we are fully behind the plans and extremely excited about the positive impact it will have on a key city site."
It is now expected that Cains will launch a public consultation, submit a planning application by the end of July and begin work on site, if consent is granted, by next spring.
The Liverpool-based business has experienced a turbulent recent history - it was bought in 2002 by the Dusanj brothers but was placed into administration in 2008 before being bought back by the brothers, its current owners.
“We understand the challenges businesses such as Cains face and believe this scheme is the right way forward for both the Cains brand and the city as a whole," Anderson concluded.