Deputy Tom Binet says he hopes the Central Market and Fish Market will become a "vibrant and inclusive" commercial hub in the heart of town.
More al fresco dining areas and extended opening hours - including scrapping the historical Thursday afternoon closures - are among the steps being proposed.
New signposts could be created around St Helier's town centre, to allow visitors to the island to find the markets more easily.
Deputy Binet told ITV News: "This forms the centre piece so there's a main focus on regenerating the centre of the market.
"There are some brilliant stallholders but the display frameworks are tired and some of the layouts aren't really as you'd want them to make the market work as well as it could."
Funding for the refurbishment work has been earmarked in the Government Plan, which will be debated in the States Assembly in December.
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