According to the BBC, the report suggests redeveloping existing buildings as well as encouraging more people to live on the street.
Union Street was at one time Aberdeen's main retail hub, but over the past 30 years it has become more run down as retailers move away in favour of larger shopping centres and outlets.
The plan was drawn up a team led by Robert Gordon University principle Professor Ferdinand von Prondzynski. Their suggestions for the revamp include the zoning of Union Street. This would allow the prospect of returning parts of the street for residential use and redeveloping it to give prominence to pedestrians, cyclists and public transport.
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The report also advocates the creation of a new world-class facility that would celebrate Scotland's energy industries and its technological innovation, while helping reinforce its international reputation.
The city has prospered as a result of its status as Europe's oil and gas capital, but the authors of the report said the economy still needed to "develop and evolve."
It added that the city needed to "let its facilities, atmosphere and amenities attract those with skills and talents to come here, and to nurture and inspire those already here.
"The city's regeneration is more than a programme to make it nicer: it is a programme to make it successful."
Last year, proposals to regenerate Union Terrace Gardens were rejected due to cost.
(JP)
