Welsh Power and landowners NPL estates say more than 600 construction jobs and 40 permanent skilled jobs would be created by the plant at Hillhouse Business Park, Thornton
Those behind the plans for the former ICI site say the project would act as a magnet for other industry.
NPL managing director, Simon Towers, said: "The ability to generate power at Hillhouse will help us to attract more large manufacturing and process companies joining with those already on site, thereby securing solid employment for the future, bringing more prosperity to Wyre and adding to the vibrant business community which we have helped create."
Permission for the 850megawatt plant, which could be supplying the national grid by 2012, will have to come from government.
Wyre Council leader Coun Russell Forsyth said: "At a time when the economy is in decline the proposal represents a significant investment into the borough and if approved will generate power for thousands of homes and businesses."
He added: "I must stress, however, that this proposal is not connected with the Canatxx application, which was refused earlier in the year for gas storage."
American energy firm Canatxx's controversial plans to store 1.2 million tonnes of gas in hollowed out salt caverns under the River Wyre were thrown out by the Government last year.