Client Performance Retail Limited Partnership aims to start construction work within the next two years.
The project will see the demolition of buildings to the west of the existing centre to allow construction of 1750,000 sq ft to house 22 new shops.
Simon Russian, head of retail development at Legal & General Property, said: “Not only do we believe that this scheme has the ability to significantly enhance the retail offer of the Arndale Centre and the town as a whole, securing its place as the regional shopping destination, but that it will kick start the town centre’s much needed regeneration.”