Castle Road could benefit from hundreds of thousands of pounds of new investment.
Portsmouth City Council is preparing to submit a funding bid for the historic Southsea high street to the government's High Streets Heritage Action Zones scheme.
A share of the £44m Historic England pot is available for high streets in conservation areas only. If the council's Castle Road bid is successful then the amount given could be between £500,000 and £2m.
The council's deputy leader Cllr Steve Pitt said: "This is a great opportunity to rejuvenate a much loved and historically important shopping centre.
This money could benefit the whole community, boost Portsmouth's economy and help to protect buildings that mean a lot to local people.
We have chosen to focus on Castle Road for this bid because this is a heritage high street fund and Castle Road has a large number of heritage assets.
This fund will allow us to work with local residents and businesses to improve the environment and issue grants to support the restoration of historic buildings.
We are always looking for suitable opportunities for our other high streets."
Castle Road has eight Grade II listed buildings, eight locally listed buildings and 18 other building of particular historic or architectural importance.
Any money the council receives from the fund would be available to Caste Road projects that meet the scheme's strict criteria.
The council remains committed to high streets across the city and recently submitted applications for money from the government's Future High Streets Fund for Commercial Road and Fratton.
Applications for other city high streets will be made in 2020 for the second round of the Future High Streets Fund.