According to the BBC, the decision follows an agreement signed between the drinks company and Kilmarnock-based Klin Group.
Klin has said it plans to create a "dynamic new quarter" for the town centre that is based around education, health, community sports and culture. It will consult with the local community over its proposals, which include an all-weather venue for sporting, conferencing and entertainment events.
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Diageo closed its bottling plant in 2012 and since then has gifted 10 acres of the site to Kilmarnock College for the development of its new campus. Work is expected to begin on the project in August.
The agreement with Klin is understood to relate to the remaining 23 acres of the site.
Klin Group Chief Executive Marie Macklin said: "As a local company, we are thrilled to have this opportunity to create something special for Kilmarnock.
"The exclusivity agreement with Diageo enables us to press ahead with local consultations, to explore the feasibility and the detail of what we envisage for the site.
"We are confident that what we are proposing is deliverable, though we still have a lot of challenges, and a lot of hard work to do in engaging both public and private sector interests in creating a sustainable development that the community can be proud of."
Ms Macklin added that its proposals would link into the work of Kilmarnock College and other local schools.
(JP/CD)
