But the grand vision would see some park greenery lost as it is transformed into other public space for leisure and as waterfront for people to walk along.
Plans for the Royal Pier district being worked up by developers Morgan Sindall Investments Ltd would see the park extended by 1.2 hectares, involving the multi-million reclamation of land from the seabed.
The scheme would see the loss of some existing park adjacent to West Quay Road and near the Royal Pier pavilion.
It is part of an overall development of the Royal Pier district described as the most prestigious waterfront opportunity in the country.
Tomorrow council leaders are expected to approve a land ownership strategy during a confidential section of a cabinet meeting in the city.
Initial proposals floated by Morgan Sindall included a luxury hotel rising up from reclaimed land overlooking a new marina flanked by restaurants and bars, offices and possibly a supercasino.
Residents and visitors would be able to enjoy improved access to the waterfront, while the enlarged Mayflower Park would provide a bigger and better home for the Southampton Boat Show, securing its future in the city for years to come.
The council is currently negotiating legal agreements for the development with Morgan Sindall and landowners Associated British Ports and the Crown Estate.
The council will advertise proposals for the appropriation of “public open space” at Mayflower Park and consider any objections when the plans for the overall development are further advanced.
Morgan Sindall has already undertaken initial discussions English Heritage and local interest groups including Southampton Commons and Parks Protection Society, City of Southampton Society, Friends of Town Quay Park and the Old Town Residents Association.
The council would continue to own the freehold of the existing park and a 150- year lease of the newly created park.