Glasgow-based London and Scottish Investments (LSI) wants to build food and non-food units at South Road, Cupar, and High Street, Cowdenbeath.
The vacant sites were acquired by LSI from Tesco in August, after the supermarket giant dropped plans for new stores.
LSI said it expected the developments to create hundreds of new jobs.
The new Cupar development will comprise five retail units totalling 41,500 sq ft.
The Cowdenbeath proposals involve two units totalling 48,000 sq ft.
LSI group development director Bryan Wilson said: "The economic redevelopment of these vacant sites will be fantastic news for Fife as we expect hundreds of new jobs to be created as a result.
"We are now in advanced discussions with a number of food and non-food retailers to occupy these developments and hope to be able to announce these in the near future.
"Subject to receiving all necessary consents, we intend to start construction work on site immediately".
A property developer has submitted plans for new shopping centres at two sites vacated by Tesco in Fife.