The Andrews government has not ruled out demolishing the Yarra Building in Federation Square if it opens up the public space to the river and makes it more financially viable.

From Friday, Victorians will be able to make submissions to a review of Federation Square to help decide its future.

Tourism Minister Martin Pakula declared "all options should be on the table", but he stressed community hopes would need to be weighed against Federation Square's financial viability.

The Yarra Building at Federation Square was saved from demolition to be turned into an Apple store. But it may still be torn down, the government says. Credit:Chris Hopkins

"We want to hear from the public about what they want to see at the square. We also want to hear from the review team about how we can make the square viable in an ongoing sense," Mr Pakula said.