Glen Waverley, which has not hosted a festival for nearly 10 years, could be the home of Chinese New Year and food and wine festivals in Kingsway next year.

On October 6, Monash councillor Geoff Lake will present a report to the council recommending that both events be trialled next year.

The council may also be a major financial supporter of both festivals.

Glen Waverley Traders Association president Christo Christophidis said he was "hopeful'' the proposal would be approved.

"We want to encourage the cultural influence that Chinese representatives have in the Glen Waverley area.

"There are also a lot of food and wine-related businesses, so the food and wine festival would encourage a lot of people to come and enjoy the festivities here that can put Glen Waverley back on the map.''

Win Sam Grocery operator Carmen Chau said a Chinese New Year's festival was heavily backed by traders.

"The Chinese population is getting bigger so I think the festivals would be great because they will be drawing all different cultures to our city.''

Cr Lake said he felt "optimistic'' about the proposal.

"I think the festivals would be a tremendous boost to community life in Glen Waverley.

"We've seen the festival program across Monash work well and there's a glaring hole in the Monash festival program, which is the current lack of any festivals at all in Glen Waverley.''

Mayor Paul Klisaris said he was not able to make comment on the proposal ahead of the council meeting.