Earlier this month a £1.84bn package was announced for more than 50 projects across Tayside and North East Fife as part of the Tay Cities Deal.
The university has launched a £24m bid, as part of this, to further redevelop the former paper mill at the site.
St Andrews has already spent £25m on developing a green energy centre at Eden Campus.
The centre pumps hot water four miles to heat university buildings at the main St Andrews site.
More than 350 university staff are to relocate from St Andrews to the Eden Campus in 2018.
The Cities Deal investment would see the redevelopment of an additional 5,500 sq m of existing derelict buildings.
The new jobs would be technical, academic, administration and support.
Derek Watson, St Andrews University quaestor and factor, said: "With Tay Cities Deal help, we can continue to redevelop buildings and provide the necessary infrastructure to co-locate exciting new industry alongside academic expertise from across Scotland.
"Our plans for Eden Campus are ambitious but with help from our partners in the Tay Cities region and government support we believe we can make a genuine contribution to the government's strategic objectives and society as a whole."
Willie Rennie, North East Fife MSP, said: "I am delighted that the university is putting forward ambitious proposals to further develop their Eden Campus.
"This is a strong bid which would build on the existing investment.
"The university's redevelopment of Guardbridge has my full support."
St Andrews University in Fife has said it could create 500 new jobs at its Eden Campus at Guardbridge.