The project would involve reclaiming more than 30 acres along a one-mile stretch of the river from Shannon Bride to Barrington’s Pier off North Circular Road.
It is believed that the plan is to develop the riverside area for luxury apartments with shopping areas and a hotel.
Cllr Jim Long, who has met with the promoters of the project, said: “I think it would be very good for Limerick.
“I am not involved in the planning application, but I feel it is a very good project and would give huge employment both at construction and when completed.”
Limerick City Manager Tom Mackey and senior officials at City Hall have agreed to meet with the consortium behind the proposed scheme today.
A news conference may be called later in the day by the consortium to outline their plan.
The proposed reclamation site is mud land which is underwater at high tide.
The reclamation would cost millions of euro and involve the constriction of a huge dyke.
The plans would provide for a promenade fronting luxury apartments which will be at the very top end of the market.
One major issue which will have to be broached by the developers is the designation of the area as a nature preserve.
The development would not affect the major nature preserve area located between North Circular Road and Condell Road which links Shannon Bridge with the Ennis Road roundabout.
Leading Limerick auctioneer, Pat Kearney of Rooney’s, is understood to have been brought in by the consortium.
Mr Kearney is involved in the massive redevelopment which will see Patrick Street and adjacent streets converted into a huge shopping area.