They hope to build a multi-million pound apartment block, called The Admiralty, next door.
There were fears the pub in Chapel Street would be sunk under a wave of regeneration. Concerns were heightened when the ornate building was severely damaged by fire in June.
But now Leeds-based Hightop Developments has submitted plans which would see the pub, built in 1899, survive.
With its distinctive tower, the landmark was built on the site of another pub, The Nelson Tavern, which opened for business in 1805, the year Nelson defeated the French and Spanish fleet at Trafalgar.
The first landlady was Alice Schofield and the tavern was owned by wine merchants and brewers Hannay and Dickson.
Hightop plan to demolish a number of buildings, but the pub will remain.
The development will create 111 apartments in a six-storey block with space for offices or shops on the ground floor.
It will be opposite Bexley Square, a conservation area which includes Salford Magistrates' Court and Salford Cathedral.
The fire has left the pub with part of its roof missing and charred timbers exposed. It is expected it will be extensively refurbished but the exterior retained.
Salford's planning committee will consider the proposal next month.
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Both my parents worked their and my father mother and father managed the pub in 1983.
I have been told many stories about the brewery and have known that many people spent a great occasion or two in there.
To make this an even more important place to myself personally my boyfriend and I found out that our grandparents were the locals in the pub and new each other very well, as well as knowing my mother who was bardmaid at the time.