Capital Shopping Centres (CSC), the owner of the mall, has lodged a Proposal of Application Notice with Renfrewshire Council, a first step in the planning process for a host of high profile additions to the Braehead site.
It is anticipated the development will create 2000 jobs during construction and a further 3000 once the new areas open for business.
The proposals include the creation of a new integrated transport interchange for buses and to facilitate the new Fastlink service, which is hoped will extend from the South Side of Glasgow to Braehead and Renfrew.
It is expected that a planning application, including proposals for a new department store, will be lodged later this year.
There are also plans to build a new arena for ice and dry sports events, concerts, exhibitions and conferences plus a new hotel, cafes, restaurants and a new public square.
Peter Beagley, the general manager of Braehead, said: "The mall has been a key part of the local community and the wider Renfrewshire area for 13 years.
"Our investment will create much-needed jobs for local people and deliver a wider choice of retail and leisure for our customers, as well as significant improvements to public transport and public space.
"These proposals will see a huge amount of private investment coming into Renfrewshire and the west of Scotland. With this multi-million pound investment comes the welcome bonus of employment, with up to 2000 construction jobs – including apprenticeships for young people – and more than 3000 direct and indirect jobs in leisure and retail when the extension is completed.
"We are very keen to make sure as many local people as possible benefit from these jobs and, with approval for the project, we will set up a shop on site for people to apply for the jobs that will become available."
The leader of Renfrewshire Council, Mark Macmillan, welcomed the announcement, adding: "This is an important planning application which potentially represents a significant investment in Renfrewshire's economy.
"CSC alerted us some time ago about their desire to expand Braehead. The council is looking forward to receiving the planning application."
CSC say they will now be consulting with shoppers, retailers and other stakeholders to get their input into the development plan.
The announcement marks a significant milestone for Braehead, with rumours circulating since 2010 that CSC had plans to extend the site.
CSC are already Britain's largest mall-owners, with over 16 million sq ft of retail space, valued at £7 billion. They employ about 80,000 people in the UK.
They own ten of the UK's top 25 shopping centres, including Manchester's Trafford Centre, Lakeside in Essex, the Metrocentre, in Gateshead, as well as other prime retail developments in Cardiff, Manchester, Newcastle, Norwich, Nottingham, Bromley, Uxbridge, Watford, Stoke-on-Trent and Gloucester.
In November 2011, they acquired Broadmarsh shopping centre, in Nottingham, bringing their UK property portfolio to 15 centres.