The proposals for Walton Breck Road in north Liverpool form the latest phase of a £260m regeneration of the area.
If approved, derelict buildings would be demolished or rebuilt and the road would be narrowed to make the area more pedestrian friendly.
Liverpool's deputy mayor Ann O'Byrne said the "ambitious" plan would "make a massive difference to the area".
"People come to visit Anfield every day of the week and we want to make sure it's as inviting as possible," she said.
The work, which would be carried out in phases over the next three to four years, would see the building of new homes, office spaces and a hotel as well as community and landscaped areas.
The Anfield regeneration scheme was announced in 2013 as a joint venture between Liverpool City Council, Your Housing Group and Liverpool Football Club.
It has already seen the football club expand the main stand to accommodate an extra 8,500 fans.
Brian Cronin, from Your Housing Group, said: "We envisage a mixture of traditional properties with some more modern properties, just to give the area a different feel."
Residents are being asked to give their feedback when the plans go on display in Stanley Park from Monday.
Plans to rebuild a high street next to Liverpool FC's stadium in Anfield have been revealed by the city council.