Council leader Gordon Matheson has vowed not to repeat the mistakes of the past and will hold a public consultation on the future of the square, unlike the time 14 years ago when the ground was replaced with an unpopular red surface.
But he has insisted that the Cenotaph will stay where it is.
In an interview with the Glasgow Evening Times, Mr Matheson said any of the other 12 statues could be moved in the revamp of the square.
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He said the square was "the very heart of our city" and Glaswegians deserve "a square of international significance".
Mr Matheson expects "dozens" of design submissions from international companies, to be assessed by an expert panel.
He thinks the final cost will be between £10m and £15m, and said: “We need to continue to invest in our city if we are going to drive business tourism and convention delegates and, above all others, create a space which Glasgow can love and be proud of.”
He said the designs should be ready to be judged by the end of this year or in early 2013.
Mr Matheson concluded: "Some people have said it is brave of me to take on this project, but what is the point of having power if you are not prepared to make decisions which are of benefit to the city?"
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