The aim is to significantly reduce the number of school buildings, some of which are over 100 years old and unsuited to delivering a modern curriculum.
It also includes a small extension to the existing sports hall with new administrative offices and a new look reception.
There will also be a new half-sized floodlit artificial grass pitch which will be made available to the local community.
WATCH A FLY THROUGH VIDEO OF HOW THE SCHOOL WILL LOOK:
Headteacher Julia Tinsley said: “We love our site but the age and layout is just not suitable for today’s teaching. We have been absolutely determined that this scheme addresses the issues while at the same time enhancing the wonderful campus on which the school is built, and maintaining the unique character of Holly Lodge.
“We are absolutely thrilled and delighted that the girls and staff will be given the accommodation and ICT facilities they deserve, and look forward to being based in a more environmentally friendly school which will cost us less to heat, maintain and repair.”
The new building is arranged in proximity to the five buildings which are being retained, which will greatly reduce lost teaching time as a result of pupils having to walk long distances between lessons.
The scheme will include a new pond and landscaped gardens.
Mayor of Liverpool Joe Anderson said: “This investment in Holly Lodge Girls’ College is much needed to make sure their pupils get the most out of their learning.
“This is the fourth scheme that we are now set to start work as a result of the City Deal negotiated with Government, helping transform the experience for tens of thousands of present and future school pupils.”
It is proposed that around a third of existing site at the front of the site nearest Queens Drive will be sold when the work is completed.
Providing approval is granted on 29 October, work is expected to start in early January and be completed in 2015.