Exeter City Council plans to create a state-of-the-art new leisure complex called St Sidwell's Point at the bus station site.
The new facility is expected to open to the public in the winter of 2020.
It will be built alongside a brand new bus station, which is due to open at the same time.
St Sidwell's Point will one of the the greenest developments of its kind anywhere in the country.
St Sidwell’s Point will replace the ageing Pyramids swimming pool, which needs a considerable amount of money spent on it to bring it up to modern standards.
The state-of-the-art new leisure complex will feature an eight lane main pool and four lane pool for learners, both with movable floors.
There is also a confidence pool, 150 station gym, soft play area, café and crèche as well as extensive health and spa facilities.
It will be the UK’s first leisure centre built to super-efficient low energy Passivhaus standards, saving around 70 per cent on annual fuel costs.