Council planning officers have recommended the scheme, which will also include 305 apartments, a six-storey office block, a car park and commercial units, should be approved.
The plans include a 14-stand bus station within a concourse area of more than 10,000 sq ft, a cycle hub for 144 bikes and seven retail units at ground floor level.
Buses would access the station from the north via Wood Street, and from the south via Saunders Road. The bus station would be designed to accommodate double decker buses and coaches, but not articulated buses.