Glebe Island Bridge could be re-opened as a tram line and Wentworth Park redeveloped as part of the government's massive proposed overhaul of inner harbour areas in Sydney's west.

But a "transformation plan" for Sydney's Bays Precinct, released on Thursday by Premier Mike Baird and Planning Minister Rob Stokes, was otherwise light on detail about what new public transport or housing would be included in the area.

"It is difficult to really imagine how big the opportunity here is," Mr Stokes said. "It's the last remaining large development site for renewal anywhere on Sydney Harbour ... to put it in perspective, Barangaroo is around 20 hectares, this site is more than 90 hectares," he said.

For the past 18 months, government development agency UrbanGrowth NSW has been working on proposals to re-shape the area, which includes parts of Glebe, Rozelle, White Bay and the Sydney Fish Market.