Glasgow University has proposed a new five-storey building at the site, which would connect one of its unions to the Stevenson Building in Oakfield Avenue.
Glasgow University Union (GUU), on the corner of Kelvin Way and Gibson Street, opened in 1964, and houses The Hive nightclub, a bar and a games room.
The application for planning approval will be submitted to Glasgow City Council next week, with the proposal reported to have created a "buzz" around campus.
If granted, demolition could start in February and construction by spring.
The proposed new centre, the Stevenson Hive Building, would include a nightclub, four cafe/bars with wi-fi, an activity hall and viewing gallery. The plans also allow greater public access for local residents.
Professor Anton Muscatelli, principal and vice-chancellor of the university, said the "ambitious" development would enhance sporting and social facilities at the university.
"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," he said.