Sovereign Land, the company that manages the centre on behalf of its owners, today began a three-day consultation on plans to redevelop it to attract big-name stores as well as making it more attractive and pedestrian friendly for visitors.
Telford MP David Wright said: "It's wonderful news that the owners of the centre are investing heavily in the town and I hope this prompts a new era of partnership between the council, the shopping centre and other organisations in the centre of the town.
"I hope they can focus on lifting the look of the centre on the outside. Having frontages onto the main road will be a massive step forward."
A new supermarket or retail unit on what is now Asda's car park, a cinema in a new entertainment hub based around Central Square and a new bus station are included in the scheme.
Bars, cafes and restaurants are also included in the development which is intended to complement the £250 million redevelopment of the Southwater area of the town.
The development is expected to start once Asda has moved out of the town centre and into a new store on the site of the former council offices in March.
Sovereign's Tim Binnington said: "It's a massive investment in Telford, particularly when put together with all the work going on at Southwater.
"It makes Telford more attractive to a large number of people who are shopping here and it encourages all the retail, leisure, food and drink companies to come to the town and provide a much wider offer."
He added that the market was now steadying and that the scheme is viable.
"We are just starting to see signs that footfall and spending are starting to pick up," he added.
Charles Smith, Telford & Wrekin Council's cabinet member for housing, development and borough towns, was among the invited guests at the launch of the consultation exhibition in Telford Shopping Centre last night.