The former pump house at Queens Dock by the Clyde, near where the tall ship Glenlee was once berthed, is to be converted into a single malt distillery with a bar, cafe, tasting room and shop.
More than 300 jobs will be created if the plans are given the go ahead with the aim of creating 25 full-time posts in the longer term.
The project is the brainchild of a team of experts led by Tim Morrison, chairman of whisky specialists AD Rattray.
The project aims to educate people about the history of the national drink and its production and those behind it say it will help with the regeneration of the area.
Mr Morrison said: "We see this project as having huge potential, not only for Glasgow but for the tourism industry, the Scotch Whisky trade and the whole Scottish economy.
"Our vision for the new distillery and educational visitor centre is that it becomes a part of Glasgow's busy tourist trail. We anticipate it will attract more than 50,000 visitors a year. We have had a great deal of support for this project so far - from local businesses, the public sector and those within the industry."
The pump house was recently at the centre of proposals to turn it into a luxury hotel.
It was bought by Glasgow City Council for £450,000 from the Clyde Maritime Trust and housed the museum of the Maritime Trust from 1999 until it was relocated to the nearby Riverside Museum in 2010.
A planning application has been submitted to Glasgow City Council for the site, which Mr Morrison said had once played a historically significant role in the whisky trade on the Clyde.
He added: "This building controlled the entry gate into the Queens dock, ensuring customs and excise could keep a close eye on goods in and out, including Scotch Whisky, so we are proud to be bringing it back to similar good use."
Glasgow Kelvin SNP MSP Sandra White said the plans would help re-establish the city's historic whisky heritage. She believes it will have a spin-off effect by boosting visitors to the Kelvin area.
Ms White said: "Having met and discussed these proposals with a delegation representing the proposed 'pump house' development, I was extremely impressed with the plans and enthusiasm shown. I truly believe this is a fantastic opportunity to re-establish Glasgow's historic whisky heritage.
"It will also greatly improve the regeneration of this area of Kelvin while also benefitting the whole of Glasgow through increased tourism as well as a much welcomed influx of both construction and service
If the scheme gets planning permission, work on the distillery building, visitor centre and cafe will begin straight away. The second phase will involve fitting the distillery equipment and stills would be completed by mid-2015.