THE would-be lord mayoral team of Gary Singer and John So jnr wants to revamp the Queen Victoria Market, transforming it into a "Federation Square of the north".
They say the market area should be a major community precinct, envisioning a business and cultural centre open every day and evening.
Mr Singer announced the plan as part of his election campaign last week, with Mr So, son of former Melbourne lord mayor John So.
Mr Singer said the market was a world-wide tourist attraction and it was important to maintain its integrity.
"Federation Square is the lounge room of Melbourne, this could be the kitchen," Mr Singer said.
"You need to activate this area - this is a great part of our city."
Mr So said the market was close to Flagstaff Gardens and the city's university and hospital precinct and that the space could be better utilised to make the most of its fantastic location. If elected, the team said it would call for ideas on how the market could be transformed and begin discussions with community, state government and private sector representatives on the project.
Mr Singer said he was aware of the thousands of bodies buried under the market - the land was used for Melbourne's first cemetery - and said any work would have to be done with appropriate care and respect.
Second generation Queen Victoria Market trader Rocco Tripodi, who sells fruit, vegetables and juices, said it was important that change did not come at the cost of what made the market a unique and beloved Melbourne attraction.
Some changes, such as improving parking and shelter from the elements, needed to be looked at, "but don't tamper with it too much", he said.
"Whoever is throwing money at the place really needs to listen to the people of Melbourne and the traders," Mr Tripodi said.