Glasgow University has proposed a new five-storey building at the site, which would connect one of its unions to the Stevenson Building in the city's Oakfield Avenue.
The Glasgow University Union extension, on the corner of Kelvin Way and Gibson Street, opened its doors almost 50 years ago, in 1964, and houses The Hive nightclub.
An application for planning consent will be submitted to Glasgow City Council next week and the university said the potential redevelopment has created "a buzz" around campus.
If granted, demolition of the extension could start in February and construction could begin in spring.
The new centre would be known as the Stevenson Hive Building and would include a nightclub, four cafe/bars with wifi, an activity hall and viewing gallery.
The plans allow for greater public access for local residents, the university said.
Professor Anton Muscatelli, principal and vice-chancellor of the university, said: "The student experience is central to what we offer at the university.
"This development will greatly enhance both our sporting and social facilities at the Stevenson Building and the Glasgow University Union.
"It is an ambitious project and one that is part of our ongoing strategy to improve and invest in an innovative and efficient way.
"What will emerge will be a truly dynamic, high quality facility that will be used and appreciated by staff, students and the wider local community."