The 41-year-old Hightown complex was demolished at the start of 2011 after surveys of the 181 homes in 2009 showed major repairs would be needed.
The proposals for Kingsmill Road by Wales and West Housing would include a new community and medical centre.
Wrexham council has allocated Â£5m of Welsh government social housing grants to support the project.
Wales and West want to build a combination of 127 houses and apartments on the Kingsmill site and the neighbouring Rivulet Road, the site of a former gasworks.
There is also a separate development of 20 apartments in a building on Rivulet Road.
The planning application for the gasworks is being submitted later this week, and the standalone building conversion application will go forward for consideration in early 2012.
If approved, work on the Kingsmill site could start early in the New Year.
The housing association is holding an open day on Thursday 15 December from 15:00 to 20:00 GMT at Hightown Community Centre and is keen to encourage people to come along and see the plans.
Over 100 people came along to a consultation event in the summer, according to the company.
Chief executive Anne Hinchey said: "We are really excited about this development which will provide some very much needed high quality, affordable housing to Wrexham as well as a new community facility for the area."
Plans for 92 affordable homes on Wrexham's former Hightown flats site are to be considered by the council.