The supermarket's plans would see the existing garden centre demolished once a new 6,000 sqm garden centre is built next to the current store, alongside a 3,000 sqm Waitrose, seven more smaller shops and parking for 600 cars.
Developer Cranford Developments says the site could be open by the end of 2013 if Shropshire Council gives planning permission.
Waitrose development director Nigel Keen said:
"We have been looking for a suitable site to accommodate a full-offer Waitrose supermarket for a long time and this is a great one. We’re delighted to be part of this development plan as the new store will complement both the Percy Thrower Garden Centre and our existing town centre store."
Garden & Leisure marketing director John Moseley said: "This is a golden opportunity to invest in a larger Percy Thrower Garden Centre and provide an even bigger and better range of plants and garden goods to our loyal customers."