The German-owned discount supermarket chain wants to open the new store on the corner of Rockingham Road and Gores Lane.
It would replace the current 17-year-old Aldi outlet on Springfield Street on the edge of the town centre.
Aldi say the 850sqm store, which opened in 2005, has become too small for shoppers as more people move into the Market Harborough area and demand grows.
Some 45-50 staff now work at the existing shop – and the new 1,315sqm store would create about 15 jobs on top.
The firm is now gearing up to submit a planning application to Harborough District Council as it steps up moves to relocate by 2024 all being well.
An Aldi spokesperson said: “This multi-million pound investment will rejuvenate a brownfield site off Rockingham Road and transform it into a high-quality community facility.
“If approved, the new store would replace Aldi’s existing store on Springfield Street, providing customers in the town with a more spacious and modern retail environment to complete their shopping.”
Aldi told the Harborough Mail that staff were talking to shoppers in their store in the town today about the ambitious new blueprint.
Working closely alongside Harborough council, they are also handing out 2,000 newsletters outlining the bold initiative to homes and businesses surrounding the proposed new site.
Aldi is also launching a week-long public consultation as it seeks feedback from local people and businesses on its scheme.
“This would be a very positive move, a very significant investment in Market Harborough and a big new commitment to the town and its people well in to the future,” said Aldi.
The new shop would feature wider aisles and customer toilets (including baby changing) and a 129-space car park.
Four electric vehicle charging points with additional infrastructure for a further 17 would be set up while constructing the new outlet would also create building jobs.
Aldi is also planning to create seven new 140sqm employment units, possibly for new start-up businesses, on the site.
And it aims to sell its Springfield Road site and have it turned into a new shop or business rather than see it stand derelict.
The Rockingham Road site is currently occupied by Glenmere Timber.
You can find out more about Aldi’s new project and tell the company what you think about it on their virtual exhibition webpage here: https://aldiconsultation.co.uk/marketharborough/proposals/