Oxford University is submitting plans for a £78m transformation of the New Bodleian Library.

The renovation of the library will take five years to complete and the university said it would make Broad Street more welcoming.

The New Bodleian would be renamed the Weston Library and a new glass frontage would face out on to the street.

The redeveloped building will include a large entrance hall, exhibition rooms and a cafe, with the development set to be the centrepiece of long-awaited moves to upgrade Broad Street.

The revamp is also likely to see the area become semi-pedestrianised.

County Hall said it would work closely with the university to create “an exciting public space” in front of the New Bodleian.

Bodley’s Librarian Sarah Thomas, who is overseeing the expansion, said the redevelopment would create a building worthy of the library’s treasures and historic collections.

She said: “This is one of the largest and most exciting library renovations in recent times.

“The work will transform the library from a book fortress into an inviting and inspiring space for visitors and readers.

“We believe it will also transform this end of Broad Street.

“It will make it more welcoming and dynamic. We believe that it will be an important addition to the cultural life of the city.”

The idea of creating a public square at that end of Broad Street now looks to have been ruled out.

Instead, Ian Hudspeth, county council cabinet member for growth and infrastructure, said he favoured “a shared space,” with the road raised to pavement level and traffic signals and “clutter” removed.

He added that full pedestrianisation of Broad Street was unlikely – but the issue of parking in the street was likely to be reviewed.

Mr Hudspeth added: “We want to work with the university to provide enhanced features and give the feeling of it being more a space for pedestrians.”

The New Bodleian houses the library’s special and rare collections, including 10,000 medieval manuscripts.

In recent years, the building’s deteriorating state has led to doubts about its ability to store collections of international importance.

About 3.5 million books will have to be moved before building work begins and 175 staff will have to be relocated during the renovation.

A planning application will be submitted to Oxford City Council this month.

If it is accepted, the new Weston Library will be officially opened in 2015.

The announcement of the plan comes two months after the reopening of the Ashmolean Museum following a £61m redevelopment.

The Garfield Weston Foundation has donated £25m towards the scheme, with the Oxford University Press contributing a similar amount.

Julian Blackwell, president of Blackwell’s Bookshop, donated £6m.

Debbie Dance, director of Oxford Preservation Trust, said: “With our interest in seeing an improvement in Broad Street dating back to the Broad Street plan, published in 2004, we are pleased to see these plans coming forward, which will enliven this part of Oxford.”

* Plans for the Weston Library will go on show at a public exhibition at the New Bodleian today and tomorrow between 2pm and 7.30pm.