The £3m project would see the 200-year-old landmark transformed by the introduction of granite footpaths, metal artwork and a central fountain which doubles up as a stage when dry.
The audacious plans would also see the square flattened out and new trees and flowerbeds planted to replace old ones.
The plans have prompted criticism from many leading fugures. Leading conservationist Mike Turner described the idea to hang metal letters on trees as "daft" and "self-indulgent."
Darryl Stott, 21, of Marsh Lane, Preston, echoed Mr Turner's views. He said:
"I don't think anyone can doubt that the square needs a lot of work to spruce it up, but the proposals just seem a bit arty-farty to me.
"Why do they want to hang letters from trees? It won't have any benefit for the overall state of the Square. It's just ostentatious in my opinion."
Another concern is that many of the green areas and several trees will have to be cleared to make way for the granite walkways and central fountain. There are already plans to fell 13 trees whose roots have been damaged by decay.
Mike Haigh, 20, of Leighton Street , Preston, said:
"I can't see how reducing the green aspect will have any benefits. I love sitting in Winckley and watching the squirrels on a sunny day.Despite the criticisms, there are many people who believe the revamp will bring Winckley Square into the 21st Century.
"If the proposals go ahead, I don't see how any of the wildlife could survive. The only thing I can think of is that they replace all the green areas they want to take away with new trees and flowerbeds."
David Priest, 21, of Eversleigh Street, Preston, said:
"I saw the artists' impressions in the paper and I thought they looked amazing.
"I hear some people say that the plans might destroy the history of the area, but it's clear that it needs a big face lift to survive.
"Some of the trees are full of decay and many areas are overgrown and untidy. The new Square will help regenerate the whole area."
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