The Grade II-listed Carnegie Library, which closed in December 2013, is owned by Sefton Council who are expected to invite tenders from organisations wishing to lease the prominent building on College Road.
One of the key aims of FOCAL and Regenerus is to consult with local residents and businesses to find out what they would like to see the building used for.
However, the partners already think it could house a mixed-use facility offering learning zones, community meeting space, training areas and accommodation for micro businesses.
They also believe that a restored Carnegie Library would act as a catalyst for the wider regeneration of the College Road area.
Graham Winckles, Chair of FOCAL, commented: “Andrew Carnegie’s original vision for the library was to promote wellbeing and extend access to education and opportunity.
“We believe this aspiration is equally relevant today and want to see the building that bears his name reborn as a vibrant community hub.”