The health board lodged a pre-application notification with Aberdeen City Council last week, which could result in as many as 10 new facilities being built on the site.
Plans include a Baird Family Hospital, the Anchor Centre, a patient hotel, a 1,000-space multi-storey car park and a new life sciences centre which will be shared with Aberdeen University.
It is anticipated that work will start on the 20,000 m2 Baird Family Hospital during the first quarter of 2018 and complete in 2020.
The Anchor Centre, specialising in treatment of cancers and blood disorders, will be in the region of 6000 m2 and should also open for patients during 2020.
The site chosen for the Baird Family Hospital requires the existing Foresterhill Health Centre to relocate to a new site. The new health centre will be required by the third quarter of 2017.
Working in partnership with Grampian Housing Association, NHS Grampian also wants to develop key worker accommodation, with completion before the end of 2017.
The latest announcement is in addition to other development work already being carried out to modernise and improve existing buildings on the site, including a new £13.6m Radiotherapy Department opening its doors earlier this year.
NHS Grampian chief executive Malcolm Wright said: "These are ambitious plans and we are making good progress but we should also be very clear that the investment and improvement will not stop there. It is only one part of our overall vision for NHS Grampian 2020. We have a variety of ongoing and planned work that will see us deliver first class additional and upgraded facilities throughout the Grampian area."