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Plans to transform Newport's city centre look set to have taken another step forward.

The city council says it has now approved a shortlist of potential developers to revamp John Frost Square.

The original £200m Friars Walk project was scrapped in July 2009 following the credit crunch and other delays.

But the council has now come up with a new scheme for the historic square, which is named after the leader of the city's Chartist uprising in 1839.

Council cabinet members say they have approved "a strong shortlist of potential development partners" for the new Friars Walk project and will now be inviting them to tender.

"We are delighted with the level of interest shown in this project which is a key priority for the council," said Councillor Matthew Evans, leader of Newport City Council.

"The people of Newport have been waiting a long time for a new shopping scheme and we are determined to do everything in our power to make it become a reality."

However, due to commercial sensitivity, the council says it is not in a position to reveal more details about the shortlisted developers.

But the council said it has already acquired all the properties in the John Frost Square area in readiness for the scheme.

Councillor Ed Townsend, deputy leader and cabinet member for economic development and regeneration, added: "We believe a new shopping scheme will benefit all traders in the city centre including our many and varied independent businesses who, as proved by a recent survey, offer the best service in the UK."

It is expected that the council's preferred developer for the project will be revealed in the summer.