The pair are seeking views on their proposals before submitting a planning application to Surrey Heath District Council this spring.
The supermarket chain and garden centre group are planning to re-develop the existing garden centre site to provide a new Notcutts garden store alongside a new Waitrose food store.
Waitrose will be creating up to 160 jobs and the new Notcutts store will employ a similar number of people as at present, which is 45.
A public exhibition of the plans will be held on 9-10 February 2013.
Garden Centre Group is also looking to the supermarket to redevelop at Northampton.
Notcutts chief executive Andy King said he wanted to grow the 19-centre chain to 30 centres in an interview with Horticulture Week last November.