The plans include an improved Drum shelter, improved lighting and new seating.
It is part of a wider regeneration programme ongoing in four of the area's northern towns.
The designs were developed in consultation with Buchan councillors, Peterhead Community Council, Light Up Peterhead, Rediscover Peterhead and Peterhead Scottish Week.
Councillor Norman Smith, Chair of the Buchan Area Committee and the Peterhead Development Partnership, said: "It has been a long process, but it was important to get this design right and create a public space Peterhead can be proud of.
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"As the designs developed, it became clear the Drum was really important to everyone, so we pushed for a more creative design. We're very happy with what's proposed and look forward to the work starting."
Rediscover Peterhead chair, John Pascoe, added: "This is a bold design that will improve the function of this space for businesses in the town and for the community – it's a welcome development for Peterhead."
A budget has been agreed by Aberdeenshire Council through the Peterhead Development Partnership Vision and Action Plan to deliver the designs.
Works will go out to tender in October, with work expected to take place in the New Year. It is expected to be complete by spring 2019.
(CM/MH)
