The street near Leeds Station will become pedestrian-only by autumn 2019 as part of plans to make the concourse's south entrance more accessible and improve passenger flows.
It is unclear where the taxi rank and bus stops would be relocated to.
The huge upgrade also includes the construction of a new platform - numbered zero - where the current long-stay car park is.
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Platforms 1-6 will be lengthened to cater for new, longer trains with more seats, and there will be signalling and track alignment upgrades as part of the Â£161million investment project.
Last month it was announced that the south concourse ceiling would be replaced by a transparent roof to allow natural light to flood into the station. Removal of the roof will begin at Christmas.
During the construction of platform zero, the number of long-stay car parking spaces at Leeds will be reduced in phases from December until May 2019, when the long-stay car park will close completely until the platform is built in 2021, with Network Rail working alongside Leeds City Council to promote alternative parking sites.
Just over 100 spaces of the current 400 will be reduced by early January with the number of spaces reduced further between March and May in 2019. Contract car park spaces will remain in place.
Rob McIntosh, route managing director for Network Rail, said: “Together this trio of projects are the biggest investment in the station since Leeds First in the early 2000s, and I am delighted that they will start delivering benefits for passengers and the city as early as next autumn.
“There will inevitably be changes to peoples’ usual walking routes and routines during construction and we will do everything we can to keep people moving efficiently and safely, in eager anticipation of a noticeably improved station upon completion.”
All three phases will be complete by 2021. Station car parking will be reinstated in 2021 and the New Station Street pedestrianisation will be in operation from autumn 2019.