A derelict power station in Sydney's inner-west would be transformed into a hub for some of the world's leading tech giants, as part of the New South Wales Government's vision for the redevelopment of land around the harbour foreshore.

The Government released its Bay Precinct plan for 95 hectares of land stretching from the Sydney Fish Market at Pyrmont, through Rozelle Bay to the old White Bay Power Station.

Under the plan, over the next 20 years the Bays Precinct would be divided into eight distinct areas, including a new fresh food and fish market district at Blackwattle Bay, a housing hub at the old Rozelle rail yards and a restored White Bay Power station.

As a first step, the Government will next week begin accepting proposals to transform the towering power station, which operated from 1917 to 1983.

Premier Mike Baird said bidders will be asked for ways to create a hub for high-tech jobs on the site, to rival London's Tech City or California's Silicon Valley.

"We have an opportunity as part of this to bring some of the best companies in the world right here to our harbour," Mr Baird said.

"Universities will want to play a role, industries will want to play a role, start-ups will want to play a role.

"If the technology sector is going to grow [at] seven times the rest of the economy, it's clear we need more spaces, more opportunities for technology and that's what this is."

Inside the derelict White Bay Power Station which will be redeveloped into a global tech hub under a Government plan. ( ABC News: Sarah Gerathy )

Planning Minister Rob Stokes said the plan would also include a five kilometre long harbour foreshore promenade, linking the different sites, which would allow the public to use areas that have been out of bounds for decades.

"Crucially, that access to waterfront land will be maintained for the public and that's waterfront access that hasn't been available for a century or more," he said.

Good public transport vital to precinct success: Opposition

State Opposition leader Luke Foley warned the area around White Bay is already congested and said good public transport would be vital to the area's success.

An artist's impression of light rail travelling across the Glebe Island Bridge. ( Supplied: NSW Government )

"The key to getting the Bays precinct right will be connectivity, accessibility and mobility," Mr Foley said.

He called on the Premier to immediately start work on a feasibility study for a metro line to the site.

The Mayor of Leichhardt Darcy Byrne agreed.

"It's [currently] a recipe for a 21st century traffic jam," Mr Byrne said.

"There's currently not a single car parking space or publicly accessible road into the site.

Premier Mike Baird (right) said bidders would be asked for ways to create a hub to rival London's Tech City or California's Silicon Valley. ( ABC News: Sarah Gerathy )

"The Bays Precinct can be the jewel in Sydney's crown, but the truth is, without a mass transport system we're not going to turn White Bay into Silicon Valley, it's just going to be Chatswood by the sea."

The Planning Minister said a transport plan was being developed and all options, including light rail, would be considered.

"What's very important is to ensure that the transport offerings are calibrated with the proposals that come in," Mr Stokes said.

"Obviously different proposals are going to need a different mix of transport alternatives."

The Government would not put an exact timeframe on when it expected the various elements of the plan to be completed, or say how many homes could be built in the precinct.

"We don't have any number in mind ... what we need to do is identify what is the appropriate level of housing in different precincts," Mr Stokes said.