A spokesman said the council had ambitious plans for the centre
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Swindon Borough Council is seeking a commercial partner to help regenerate the town centre.
A spokesman said the council had ambitious plans for a quality development on the site.
"As well as shopping and leisure, the council is encouraging potential partners to consider options for homes, car parking and a cinema," he said.
The development is a key element of The Hub part of the Regeneration Framework set out by The New Swindon Company.
Roderick Bluh, of Swindon Borough Council said: "I'm keen to get started on this scheme.
"We've got some really exciting ideas for the area which respond to issues raised by the people of Swindon."
Philip Watkins of the New Swindon Company added: "We're delighted that progress is being made on this key area within The Hub."