According to the Evening Times, the scheme could include hundreds of individually designed homes and flats, shops, a pub, restaurant, a hotel, leisure uses and open space.

Bigg Regeneration, a partnership between Scottish Canals and Igloo Regeneration Fund, has asked city planners to agree the principle of developing the area.

The site, known as 100 Acre Hill, is on the northern edge of the city centre at the heart of the north Canal area.

It was most recently occupied by a distillery complex owned by Diageo but has been vacant since 2010.

The outline planning application does not contain details of what is planned but a report to councillors says a valuation has been carried out based on almost 700 homes.

It added: “It is proposed some areas will be custom-built, offering individuals the opportunity to design their own unique home.”

The report says the site is regarded as an important area with the potential to connect the city centre with Possilpark and the regeneration area at Sighthill.

It continued: “However, at present it forms part of the legacy of de-industrialisation in north Glasgow.

“In its current state it is a significant block to development and creates an impression of abandonment and disconnect within the area.

“The site has an elevated position which offers panoramic views across Glasgow and makes it highly visible.

“The proposal is to redevelop this brownfield, former industrial site for residential and commercial use.

“The aim is to deliver a residential led, mixed-use scheme together with adventure sports.

“There are some fantastic spaces at 100 Acre Hill which are perfect for urban sports. These spaces offer active leisure for all ages.”

As a result of previous uses, the land for the development is contaminated and must be cleared before any work can be started.

However more than £5.5 million of City Deal funding is being awarded to Bigg Regeneration to undertake the necessary work and overcome barriers to development.

An attempt was made to sell the site for business or industrial use but there were no offers with only the regeneration company making a serious proposal.

The report said: “The proposal would result in economic benefits for Glasgow in terms of investment, construction and commercial jobs through the redevelopment of a brownfield, derelict, contaminated site which will be brought back into effective use.

“The development will also provide much needed housing for the city and will make a valuable contribution to addressing the significant shortfall in housing land supply.”