The aim is to increase the number of visitors through marketing, a programme of events and by ensuring Sauchiehall Street is clean and safe.
The planned Business Improvement District (BID) will focus on the non-pedestrianised section of the street from the junction with Rose Street and Blythswood Street to the junction with Charing Cross.
A group of businesses which have frontages on the street have been working with Glasgow Chamber of Commerce to develop the proposal.
It is aimed at supporting, championing and improving the large number of entertainment premises operating on that section of Sauchiehall Street.
They include bars and restaurants, nightclubs, casinos, take away restaurants, cafes, licensed exhibitions and entertainment venues.
Voting papers have been sent out to all eligible businesses and in December a ballot will be held.
It will be valid if there is a turnout of 25% or more and if a majority vote in favour.
If they do, all entertainment firms in Sauchiehall Street will pay the equivalent of 1% of their rateable value into a special fund.
More than £180,000 would be raised by the companies in five years with more cash expected to be contributed by public sector and other organisations as well as other property owners.
BID steering group chairman Brian Fulton is director of CPL Entertainment, which owns The Garage in Sauchiehall Street.
He said: "Sauchiehall Street is a fantastic street which has a strong entertainment offer with a range of bars, clubs and restaurants augmented by a cultural core of arts venues and theatres.
"The city centre entertainment sector is crucial to the overall success and vitality of the city centre and a key factor for students deciding where to attend college or university."
Mr Fulton has spoken to 60 entertainment venues on the affected section of Sauchiehall Street about the BID plan and said the feedback had been "fantastic".
And he said he was optimistic they would become the first in the city to support a Business Improvement District scheme.
Mr Fulton said: "Among the issues they want to tackle is for Sauchiehall Street to be family friendly, safe, clean and easy to get to.
"They also want the area marketed and to perhaps to hold a festival next year or the year after."
Business Improvement Districts have operated in North America for 30 years and one of the best known covers Times Square in New York.
Mr Fulton said: "Every big city in the world has streets which are synonymous with entertainment - like London's West End - and that is what we want Sauchiehall Street to become."
In 2011, businesses in Sauchiehall Street were hit when a major fire closed the road for almost six months and they have since had to battle the recession.
But Chamber of Commerce chief executive Stuart Patrick believes they are now ready to move forward to give the area a boost.
He said: "I think the general feeling among the businesses that have been consulted is that we are on the path to recovery.
"We have been through the pain that happened with the fire and we now think there is a good opportunity for us to do something clever.
"That part of Sauchiehall Street has gone through a significant change over the years and is no longer really a shopping area but very much a leisure area."
The BID process is covered by legislation and if it is successful, owners who voted against it or have empty properties are obliged by law to make the required financial contribution.
Mr Patrick said: "The BID process would turn it from what can be seen as unloved into an area that is given a greater degree of attention.
"This would be the first Business Improvement District in Glasgow and could become a catalyst for others."
Council leader Gordon Matheson said: "The entertainment sector is of great importance to the vitality and the success of our city centre and it is very welcome to see businesses working together to enhance and champion that reputation.
"Traders obviously stand to benefit from having a strong, collective voice - but this kind of approach is also good news for the thousands of people from across Glasgow and beyond that visit the area every week."