Proposals to expand the Springfields Outlet in Spalding, creating new stores, restaurants and around 350 new jobs, will be put out to consultation.
The major investment in the shopping centre centre off Camel Gate will be subject to planning decisions.
Springfields is home to high street brands at discounted prices.
Plans could see around 15 new stores and cafes, as well as four new restaurants built. There would also be scope to create 236 additional parking spaces and introduce extra electric vehicle charging points.
Centre managers said they have significant interest from major brands.
It is expected that around 350 new jobs would be created in the move, adding to the 650 jobs already at Springfields.
The expansion, supported by the recently approved South East Lincolnshire Local Plan, would be constructed on the site of the NFU Mutual building and the car park next to Travelodge.
Springfields Outlet secured an agreement with NFU Mutual to relate their offices to a new site next to the shopping centre. This will be subject to a separate planning application.
People are being asked for their views on the plans before a formal application is submitted.
An exhibition of the proposals will be held in Unit 9, next to Chapelle Jewellery on North Avenue at Springfields on Friday, March 22, between 3pm and 6pm and on Saturday, March 23, between 10am and 4pm.
Information about the extension plans will also be available on a dedicated website. In addition, an information leaflet will be distributed to households in the town.
Ian Sanderson of SLR Outlets, which operates Springfields said: “I’ve been involved with Springfields Outlet since the very beginning and 2018 was undoubtedly our most successful year, despite the challenging retail environment nationally.
“During last year new retailers including Joules, Jack Wills, White Stuff and The Cosmetics Company Store have all opened stores here. Also the new family attraction Adventure Land has welcomed thousands of people since it opened in the summer.”