The platforms serving Birmingham Airport and the National Exhibition Centre (NEC) first opened in 1976.
The Urban Growth Company (UGC), a group set up by Solihull Council to lead on infrastructure investment, said it hoped to revamp the station to be ready for HS2.
Funding is yet to be secured, but it is hoped work could start in 2022.
Under plans, the station would be able to accommodate the 16 million passengers a year predicted to use the station within the next 20 years.
As well as the high-speed rail project, the UGC said it also wanted it to be a hub to connect with trams, buses, taxis, bicycles and more to places like Birmingham Airport and Birmingham Business Park.
The UGC is leading investment at The UK Central Hub in Solihull, which is made up of the airport, the NEC, Jaguar Land Rover, Birmingham Business Park and Arden Cross, a new mixed-use and residential development site with the HS2 Interchange Station at its centre.
Ian Courts, leader of Solihull Council, said: “These designs really bring this project to life and show how The Hub is being transformed into Europe’s best-connected destination for business, leisure and living.”
It is hoped construction work will start after the 2022 Commonwealth Games and will completed by 2026.
The first phase of HS2, linking London with Birmingham, is scheduled to open between 2029 and 2033.
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