Plans are set to be submitted to the council later this month for the former Page and Taylor wood yard site off Watery Lane near Oyston Mill.
The new 43,000 square foot, 35-car showroom and a 13-bay workshop would create 30 jobs.
The up-market scheme comes from family-owned Bowker Motor Group which has this month secured the appointed with Porsche Cars GB Ltd to operate its new Lancashire Centre.
Preston will be the 38th Porsche Centre in the UK network and Porsche Centre Preston will become the eleventh member of the Bowker Motor Group portfolio,.
Paul Bowker, Bowker Motor Group chief executive, said: “I’m delighted that Bowker has been chosen by Porsche GB to represent them here in Lancashire.
“The brand needs no introduction to drivers. It’s synonymous with engineering excellence and the production of some of the most exciting cars on the planet.
“I also believe that there are reasons for everyone, not just drivers, to be delighted that Porsche Cars GB Limited has chosen Preston as its Lancashire base. Porsche is a global brand and the decision to build the new centre is a huge endorsement of the city’s commercial reputation and future ambitions.”
Peter Mahon, general manager, operations, Porsche Cars GB Ltd said: “We are delighted to be working with the Bowker Motor Group on the new Centre in Preston. We choose businesses with a strong presence in the community and with a reputation for excellent customer care. We are looking forward to working together and establishing an exciting new local Porsche brand presence for Lancashire.”