The Melbourne City Council on Monday released investment plans to revamp the heritage-listed landmark.

Pending approval from planning and heritage authorities, the planned upgrades won't be operational until 2024.

The council said analysis conducted in December found outdated facilities compromised the market's security and safety.

Lord Mayor Sally Capp said the proposed facilities would allow preserving tradition while running the market more efficiently.

"Our top priority is to protect everything that is great about the market - for shoppers, traders and all Melburnians," she said.

"The upgrades will improve logistics, storage, waste, and recycling facilities and will deliver new toilets, showers and meeting rooms for workers at the market."

A building currently used for meat and seafood delivery will be redeveloped into a new Trader Shed with dedicated loading docks, among other upgrades.

A canopy structure is also proposed for the northern end of Queen Street.

"Both structures have been designed to complement the market's wonderful heritage sheds and buildings," Mayor Capp said.

The site's redevelopment has been surrounded by controversy after $250 million was committed in 2017.

The redevelopment included the construction of community facilities, interconnecting laneways, a hotel and residential apartments next to the market.

Demolition works began last year on the former Munro building to make way for the redevelopment of the precinct.

The Queen Victoria Market has traded continuously since 1878 and attracts nearly 10 million visitors each year.

Australian Associated Press