A former clothing factory could be demolished to make way for two high-profile retailers.
The Bentwood Brothers site in Water Street has been targeted by floor covering retailer, Carpetright, and electrical retail giants, Curry's.
If successful, the stores would create more than 20 jobs and redevelop an area that has been left to fall into disrepair in recent years.
The current factory would have to be demolished and a new 1,753 square foot retail warehouse would be built.
The plans also include the creation of a 91-space car park and a bicycle rack.
The site has been vacant since Bentwood's closed five years ago with the loss of 200 jobs. It has been targeted by vandals who have smashed windows and broken in on a number of occasions.
In August 2002, plans for a £1.5m ten-pin bowling centre were put forward for the site, but that fell through.
The applicant for the proposed new development is the Property Alliance Group Ltd. Chris Smith of the firm's Liverpool-based agent, RPS Planning, confirmed Curry's and Carpetright's interest in the site.
He said: "The entire site at the moment is vacant and has been for some time. We have submitted detailed plans for consideration which will mean the construction of one building which will then be used for our two clients.
"We have not decided yet on detailed timescales if the plans are approved."
Carpetright is one of Europe's leading carpet and floor covering retailer and has 402 stores in the UK and Ireland as well as 89 stores in Holland and Belgium.
Jane Meek, head of economic regeneration for the council, said: "The site has been empty for years and we have been looking to put it forward for development. I would hope that any future regeneration of the site will enhance the vitality and vibrancy of the town."
Alan Croston, head of planning services at the council, said that a major planning policy would have to be considered before the proposa could be agreed.
He said: "Planning policy is very much to safeguard town centres and if they want to put retailing other than in the town centre, then they have to do an assessment, whereby they have to show this type of development can't go in the town centre and that it can go in a more peripheral location and won't have an adverse affect on the town centre," he said.
"What Chorley Borough Council will be considering is the impact on the health of the town centre. That exercise is currently being looked at by various people."
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