The project is the result of two years' work by Philippe Chiambaretta, a leading architect commissioned by the Champs-Élysées Committee, which has represented businesses in the area since 1916.
The image of the avenue, long renowned for elegance and refinement, has become tarnished by pollution, fast-food outlets and mass tourism.
On average, 64,000 cars drive down the eight-lane road each day, and most Parisians avoid it when on foot, according to a survey last year. But that does not mean the city's residents have lost interest in the future of what they have long called "the most beautiful avenue in the world".
More than 96,000 members of the public responded to an appeal to submit their views on the project. The majority want the area's green spaces vastly extended and the avenue to become more pedestrian friendly.
"The gardens are criss-crossed by congested roads and the heavy traffic puts people off," said Jean-Noël Reinhardt, the chairman of the Champs-Élysées Committee.
Under Chiambaretta's plans, traffic in the area would be reduced by more than 70 per cent, according to the architect.
Pedestrians would be able to cross the Place de la Concorde, which has an ancient Egyptian obelisk standing at its centre, without having to wait for traffic to stop, and could then continue to the Champs-Élysées or Tuileries Garden, or cross the river to the Esplanade des Invalides.
The project will cost hundreds of millions of pounds, according to Reinhardt, depending on which options are selected.
He acknowledged that it may take 10 years to revamp the entire area, but added: "Redeveloping the bottom of the Champs-Élysées, the park and gardens could be done much more quickly."
He hopes the park will be completed in time for the 2024 Paris Olympics.
Hidalgo, who is seeking another six-year term as mayor and is the favourite to win next Sunday's run-off election, said: "If I'm re-elected, I'll immediately launch this transformation and plant a massive numbers of trees."
But she faces fierce opposition from motorists' groups, who say reducing the number of cars risks driving business away, leaving the city centre deserted.