The council says the scheme could get underway in 2017 and is a partnership project between Transport for London and Wandsworth Council.
The new proposals would significantly reduce traffic levels on Wandsworth High Street, with some sections limited to just bikes and buses.
Armoury Way would be returned to two-way working and become the main east-west route through the area.
Cycle Superhighway 8 would also be extended to provide a safe route along the high street.
The consultation runs until January 17.
Wandsworth Council leader Ravi Govindia said: “Wandsworth Town centre has thrived in recent years, attracting major investors, new shops, cafes, restaurants, a department store and a state of the art business centre. But it cannot reach its full potential until we tackle the one-way-system.
“These proposals would do just that, rationalising the road network and channelling traffic away from the high street so it becomes far more pedestrian-friendly. The scheme would also create better and more usable outside space throughout the town centre which would be great news for local businesses, residents and visitors. It would mean less noise, a more welcoming environmental and improved air quality.
“The proposals have been fine tuned following the last round of consultation and I encourage local people to have their say on the revised plans.”