Plans to turn key CBD roads into parks and piazzas are among a host of bold pedestrian-friendly reforms set to be considered by Melbourne City Council.

Proposals to further reduce speed limits and introduce more pedestrian crossings have also been flagged in the draft walking strategy, released this week.

If introduced, it would see Flinders Lane, Spring Street and Elizabeth Street among about eight streets partially allocated for public space and walking areas within the next four years.

While vehicle access may still be allowed on a limited basis, the stretches of road singled out for walking streets would have ''low or no traffic function''.