IRDL wants to attract "big name" stores to the shopping centre but a Coventry City Council report, due to be discussed by councillors next week, says some of the area will have to be demolished as part of the plans.
Councillors will be asked at a cabinet meeting on Tuesday to approve the 150-year lease for IRDL.
The lease would allow IRDL to carry out extensive work to bring the centre up to date and make the whole area more attractive to retailers and residents.
It added: "IRDL say work will start as soon as the lease is signed and they hope to attract well-known names to the centre, but will also keep units available for smaller, independent retailers to create a real mix of shopping choices."
"IRDL will consult all stakeholders as part of the regeneration/development process."
The IRDL consists of four sub-languages: the Component Definition Language (CDL) for defining IRules components, the IRules Scripting Language (ISL) for describing application transactions, the Event Definition Language (EDL) for defining events, and the Integration Rule Language (IRL) for defining active rules.
Figure 5 presents an example of how all of the sublanguages of IRDL work together.
IRules has designed a distributed architecture to support the IRDL language framework.
Integrators use IRDL to describe integration logic.