An artist's impression of the site will go on public display after the planning application for the project was submitted.
The plans include a bus station next to the railway station, a multi-storey car park and a footbridge.
The City of Lincoln Council claimed it will regenerate the city centre and increase investment in other areas.
Ric Metcalfe, leader of the council, said: "It is a hugely significant project for everyone in the city as these vastly improved transport facilities... will help remove barriers to further investment and growth while providing a more welcoming and attractive gateway to Lincoln."
The proposals include demolishing and rebuilding the old bus station, building a 1,000-space car park, more cycle lanes and changes to St Mary's Street.
It will also footbridges replaced with one high enough to allow the future electrification of the rail line.
The application is expected to be considered by the planning committee in September and, if approved, work will start by the end 2015.
The first images of what Lincoln's Â£29m transport hub could look like have been released.