The proposed budget supermarket would be on the East of the A429 Malmesbury Bypass, opposite Waitrose.
Over the years, rumours have circulated in the town that the German supermarket chain would replace both The Co-operative and Waitrose, but Lidl are looking at building their own store.
Following plans being presented to both the Parish and Town councillors, members of the public are invited to a public consultation next Thursday (February 1) in Malmesbury Town Hall between 1pm and 8pm to find out more.
Lidl’s property team and planning consultants will also be on hand to discuss its proposal for the new store and answer any questions from the local community.
Glen Stidever, Lidl UK’s regional head of property, said: “We are extremely excited about the prospect of opening a new Lidl store in Malmesbury and look forward to showcasing our plans to the local community.
“We have worked hard to deliver an accessible and highly sustainable store, which is sympathetic in design to its surroundings through the use of local materials.
“Not only will the new store significantly improve shopping choice and enhance the retail offering in the area through our unique high-quality-low-price combination, it will also create more jobs for the community.”
The multi-million pound investment will see Lidl built a sustainable store using local materials such as Cotswold Stone, as well has high density landscaping and semi-mature trees around the perimeter of the site.
It would feature an in-store bakery, toilets and baby-changing facilities and electric car charging point.
Mayor Cllr Wayne Jones, said: “We are pleased Lidl have come to us in advance of the consultation, and pleased they are considering Malmesbury.
"We encourage the community to engage in the public consultation so if they do decide to come to our town, they will provide what is best for our community.”
The company hopes to submit a planning application by the end of February and those who wish to share any feedback on the plans can do so at www.malmesbury.lidl.co.uk.