Stena Line has teamed up with Conygar Investment Company to put forward a number of proposals for the development of the Holyhead seafront.
An initial scoping report was put together and given to the local council, which has been discussing the idea this week, the Holyhead and Anglesey Mail reports.
Stena Line represents an important part of the local tourism industry as it operates regular ferries to Dublin and Dun Laoghaire from Holyhead.
If the application is successful, it could see a new hotel, leisure facilities and retail outlets opened in the Welsh town.
Enlargement of the Maritime Museum is also a possibility, according to reports.
A spokesman for the Conygar and
Stena Line group told the newspaper: "This is very early days on what could be a very substantial project.
"We have submitted a scoping report to the council to get their views on a number of proposals. We can then benefit from their advice on planning issues and use that to submit a planning application in the future. This is an exciting project but at an early stage."
Irish Ferries also serves the Holyhead to Dublin ferry route, which provides a convenient link between Ireland and the British mainland.
Posted by Mark Robinson