Apple's decade-long search for a marquee Melbourne store could be about to bear fruit.

The tech giant is believed to be in the final stages of negotiating a deal that will see it open a new $50 million megastore in Melbourne's iconic Federation Square, almost a decade after it first started looking for an appropriate central city site, industry sources say.

Apple has been in lengthy and secretive negotiations with Federation Square's management and the state government to take over and demolish the Yarra building in the square.

The global tech heavyweight plans to replace the unique "deconstructivist" metal building with a new $50 million see-through glass structure that will house its first Asia Pacific stand-alone megastore.