It is also hoped a rundown shopping area in the town could be turned into a civic space, with the old artwork being taken away and empty units given a new lease of life.
An events calendar will be drawn up, with festivals to be held in the summer and throughout the festive period. Council chiefs will approach businesses for their backing.
Potential sites identified by officers include the former Brownhills Market site and Ravenscourt.
Nikki Rolls, town centre regeneration officer for Walsall Council, said the proposals had been drawn up to attract more traders and visitors to the town.
"We're trying to come up with innovative ideas to bring people into the town," said Mrs Rolls.
"We understand Brownhills High Street is in need of some severe regeneration, such as the Ravenscourt area.
"There's been a lot of artwork pieces put in there that are at least 30 years old. They haven't been managed or maintained and they are no longer fit for purpose.
"This is not a thriving area, so we plan to remove the artwork and use the area as a civic space. It's a safe pedestrianised area, so we could use this to bring up footfall."
Mrs Rolls added: "We're trying to get businesses to take ownership of the town," added Mrs Rolls. "We also want to encourage businesses to give something back to their loyal customers which we've seen to be successful in other areas. It's all about supporting your local high street."
After the town won a silver award at the Heart of England in Bloom competition last year, the Town Centre Partnership is now looking to revamp the area in a bid to win a silver gilt award in this year's competition.
To achieve this, the team is looking at clearing overgrown areas, window wrapping empty units to make them more attractive and producing a town shopping guide."