Parramatta has always been in the shadows of the Sydney CBD, but a new plan seeks to change that.

9NEWS has been shown a first look at the new Parramatta - a $2 billion transformation creating a tree lined Square in its very heart.

"We want to see this city shine and we want to be a world leading city," Parramatta Lord Mayor Scott Lloyd said.

IN PICTURES: See the first images of a planned revamp of Parramatta CBD View Gallery

"We are already building Australia's next great city."

In what will be one of the largest urban renewal projects Australia's seen, another $8 billion is being invested in dozens of projects.

Jamie Oliver's newest restaurant is already under construction and a billion dollar light rail line has the green light.

And it is understood one of the big banks is planning to relocate a major headquarters to Parramatta, bringing with it thousands of jobs.

The transformation is one of the largest urban renewal projects Australia has seen. (Supplied) (Supplied)

If that bank does set up here it will join a growing range of major businesses. Financial services firm Deloitte opened a new office and almost doubled its staff in the last couple of years.

"I think people are realising the potential and when you look at the growth of the population for the next 20 years, the growth in NSW is going to be west of Parramatta," said Deloitte's Danny Rezek.

This growth could see 100,000 extra jobs delivered in the Parramatta CBD in the next two decades.

Another $8bn will be spent on office towers, residential buildings and a new University of Western Sydney campus. (Supplied) (Supplied)