Tesco is in advanced talks with Grosvenor to take a 50,000 sq ft store over three floors at the edge of Liverpool One on Hanover Street.
The retail giant would trade food on the ground floor, with non-food on first and staff and storage on second.
The deal is in solicitor's hands. Quoting rents on Hanover Street are around £90/sq ft.
Tesco already operates a Tesco Express near Clayton Square on Parker Street in the city centre. Grosvenor's agreement with Liverpool City Council for the £1bn scheme required a food store provision but so far Grosvenor had failed to find an operator.
The store space on Hanover Street sits below a multi-storey car park. The car park opens on 29 May but Tesco will not be ready to start trading until October at the earliest.
Mason Owen is advising Tesco. Strutt & Parker, Tushingham Moore and Cushman & Wakefield advise Grosvenor.
All parties declined to comment.