Hundreds were killed in several days of bombing in the city in December 1940.
Local author Neil Anderson has earmarked 16 sites on the route of the walk for the plaques.
He said there was currently "virtually nothing to commemorate the attacks" in Sheffield city centre.
More than 650 civilians and 25 servicemen were killed in the Sheffield Blitz, and around 1,500 people were injured and over 40,000 made homeless.
Factories and residential areas were bombed in locations across the city between 12 and 15 December 1940.
Mr Anderson said the memorial plaques would have names of people who died to "ensure the sacrifices made by tens of thousands of Sheffield people during World War Two are never forgotten".
If the Â£150,000 bid to the Heritage Lottery Fund is successful, the trail will go past City Hall "which still bears shrapnel scars", and The Moor which was "virtually flattened".
The site of The Marples Hotel on Fitzalan Square, where around 70 people died on 12 December 1940, would also be marked - Mr Anderson said some bodies are thought to still be buried there.
Listening posts and interpretation boards are also proposed "to tell Sheffield stories of human spirit, steel production and revival".
Mr Anderson said on top of the Lottery bid, it was hoped Â£15,000 could be raised from the Sheffield public.
The Sheffield-born nightclub owner Peter Stringfellow has already donated.
Sheffield could get a permanent walking trail with memorial plaques to commemorate 75 years since the WW2 Blitz in the city, if Lottery funding can be secured.