It has taken a full decade to conceive, but a $10 billion transformation of New York City’s dreary main bus terminal may get rolling in the next few months.

The Port Authority of New York and New Jersey, which operates the terminal, unveiled an updated design for its replacement on Thursday. Instead of the dismal, brick hulk that has darkened two full blocks of Midtown Manhattan for over 70 years, there would be a bright, modern transit hub topped by two office towers.

“The bus terminal has become a poster child for a failed infrastructure facility that desperately needs to be replaced,” said Rick Cotton, executive director of the Port Authority. “It’s going to be an extraordinary transformation from a rundown, 1950s-era, outdated facility to one that will be intended to be state of the art.”

Construction is expected to take eight years, he said, meaning the project could be completed by 2032. Planning was delayed at least a year by the coronavirus pandemic.

The Port Authority is seeking financial help from the federal and city governments but is pressing ahead to get the plan approved by the Federal Transit Administration, Mr. Cotton said. The public will have 45 days to comment on the plan the agency released on Thursday and there will be four public hearings about it, he said.

Community leaders in Midtown have already exerted significant influence on the design of the project, Mr. Cotton said. They had objected to the condemnation of property for expansion of the terminal and insisted that the project cater to the needs of local residents as well as commuters and travelers, he said.