CIT Estates are in discussions with a UK retailer about the possibility of turning the old brewery into a major store at a cost of around £10 million.
The supermarket would have 40,000 sq ft of retail space, which could be split 50/50 between food and non-food items, as well as parking for 400 cars.
CIT Estates are not yet ready to submit their plans to the Planning Department, but they have been working on the idea since 2001 and say they should be ready in the new year.
The concept has been unveiled one week after Le Masurier submitted plans to put a supermarket up the road in Bath Street.
Le Masurier hope to redevelop land off Bath Street and James Street, putting a 71,000 sq ft supermarket on the site and turning the old Odeon cinema into a three-storey department or fashion store.
