Queensberry Real Estate, the developer, is understood to have lodged a planning application with Newport Council for a £100m redevelopment of the John Frost Square area.
The fresh plans include shopping, restaurants and a cinema, but are said to be “more deliverable” than the Friars Walk plans which were abandoned in 2009. The earlier plans, drawn up at the height of the property boom, would have cost about £200m.
Queensberry is close to signing a big retailer for the scheme, which would be a boost to Newport’s city centre.
Work on the new centre is expected to start in 2013.
Newport Council chose Queensberry as its preferred bidder in May. The team heading Queensberry worked on shopping centres in Belfast and Bath.
The council and Queensberry completed and exchanged the development agreement for the area in October.