A new speed limit of 80 km/h will be introduced between Forster Street and University Way as part of the upgrades to the East Tamar Highway.
Plans showing the new roundabout at the Mowbray Connector were released on Thursday.
A number of public information sessions will be held to showcase the plans.
On April 10, a session will be held at Mowbray Marketplace from 11am until 2pm. The plans will then be on display at the Launceston Library between April 11-26.
Construction is expected to begin in later this year.
A Department of State Growth spokeswoman said the revised design would make it easier for road users travelling in and out of Mowbray Link.
"The original design for upgrading this intersection included the installation of traffic signals and was revised following feedback from key stakeholders and the community," she said.
"The roundabout has been designed to have minimal impact on traffic travelling north past the intersection."
The original design included traffic lights, however this plan was revised after consultation with key stakeholders.
"We considered an overpass, but ruled it out due to the cost, and because the intersection is so close to the Tamar River," the Transport website said.
A tender for the project will be advertised in late April.
The plans are available to view on the Transport website.
Further information about the project can be gained by contacting firstname.lastname@example.org.