The Alloa-based Williams Brothers Brewing Company has tendered proposals to establish the Drygate Brewing Company on Duke Street by the spring of 2014.
Working in partnership with C&C Group — the manufacturer behind Magner's Cider and Tennent's Lager — the company hopes to foster tourism and educate amateur brewers.
The firm also says that, if planning permission is granted, the new microbrewery will promote major regeneration in the area.
Scott Williams, co-owner of Williams, and managing director of the new Drygate Brewing Company, said: "The Drygate Brewing Company will be a celebration of craft beer, of brewing excellence and, most importantly, of great tasting beer.
"The interest in craft brewing, both domestically and worldwide, is growing fast, and we are confident that the Drygate Brewing Company will be a big success."
If approved the new brewery will be located adjacent to C&C Group's Wellpark Brewery, the home of Tennent's, and Mr Williams said it was the "perfect location" for the new development. "We think this will be a major regeneration of the Duke Street area," he said. "We are grateful to C&C Group for their support in this exciting new venture and this new development will be complementary to the successful Tennent's Training Academy.
"We're genuinely excited by the possibilities and can't wait to brew our first beer and to open the doors to all visitors in spring 2014."
The plans also feature the creation of a brewing centre of excellence with homebrewers invited to share and develop their skills.
Further proposals include a visitor centre as well as a restaurant, function suite and beer garden.
The project aims to generate 16 new jobs.
It came after AD Rattray announced plans to open the first whisky distillery in Glasgow for the past 100 years. The project, which would see the transformation of the old pump house at Queens Dock, could create more than 300 jobs.