The German retailer is set to end two years of speculation over the future of the former Conservative club on the corner of Clifton Drive North by submitting plans for a supermarket on the site to Fylde Council.
The firm, who bought the historic Porritt-style building for £1m in early 2006, want to build an 830-metre store on the site of the club and an adjoining office building.
The development will include a new home for the Conservative Club, underground parking and 28 apartments.
John Moxham, chairman of the Chamber of Trade, said: "I think it is excellent.
"It is a massive vote of confidence in St Annes. Any high-profile development is going to help the town.
"It will make an excellent gateway into the town centre."
Bosses from planners Turley Associates says the proposals will be "largely similar" to those originally revealed in May 2006.
They included plans to bulldoze the £1m building, which is in a conservation area, and neighbouring office blocks also owned by Aldi.
The proposal initially caused controversy over the proposed loss of the Porritt-style building and fears the retailer was too downmarket for a flagship store.
A planning application was due to be submitted following the public exhibition but Aldi bosses held off while continuing to insist the retailer would be coming to St Annes.
Barbara MacKenzie, chairman of St Annes parish council, hopes the development will be in keeping with the rest of the town.
She said: "In my personal opinion I don't know if an Aldi is exactly what I would like to see.
"We will be looking closely at the design of the place. The car parking available is also important because a lot of people in the apartments will have cars."
Deborah Smith, of planning consultants Turley Associates, confirmed negotiations were in place with Fylde Council ahead of an application being submitted.
She said: "The scheme is for an Aldi store with residential apartments above, basement car park and Conservative Club.
"The site comprises the Conservative Club and St Anthony's House.
"At this stage we are still working on the drawings. We hope to be able to submit an application soon."
No timescale is been given for the creation of the supermarket, which will become the fourth in the town.