If successful, the supermarket giant will begin building sometime in the current financial year and will bring more than 200 new jobs to the area.
The prestigious site is at Sanford Suzuki just off the Carkeel roundabout in Gilston Road, and is directly opposite the Lidl store.
The A1 application is for the construction of a foodstore of 25,000 sq ft with associated parking, access and landscaping, with the demolition of the Sanford buildings.
It will be the same size as Tesco Callington and the proposed new store at Looe.
Tesco's Corporate Affairs manager for the South West, Emma Heesom, confirmed there would be no cafe or petrol filling station.
'The Saltash store will be food led,' she said, 'offering good value family shopping in one stop without local people having to travel into Plymouth.'
A public consultation took place in August 2010, and some concerns were expressed, which matched those of the Highways Agency, over the impact the new store could have on the busy Carkeel roundabout on the main A38.
Two weeks ago Cornwall Council's Highways Development Group raised the further question of the impact of increased traffic movements on the Callington Road/New Road junction they believe the new Tesco would bring.
The council is to ask Tesco for a financial contribution of £62,500 to introduce further sustainable transport measures in that area should they gain planning permission.
The chairman of Saltash and District Chamber of Commerce, Bill Cotton, said his organisation, which was meeting this week over the plans, stands by the same comments they made at the consultation in 2010.
'Our main objection is on the grounds of traffic congestion, especially on the Carkeel roundabout,' he said.
'There would have to be a significant improvement on the roundabout's capability to handle increased traffic.
'We would also want certain restrictions on the development to protect the Saltash traders in Fore Street, in line with the restrictions at the Callington store. These would include that the store remain as single storey with no cafe or restaurant.'
Saltash mayor Colin Oakes said the town council approved of the Tesco planning application and had done so for some time.
'We already have a Lidl and a Waitrose, so what impact supermarkets may or may not have on the town centre has already happened,' he said.
'The Highways Agency now finds the plans acceptable so everything should now move forward. The development will bring much needed jobs to Saltash.'
Cllr Oakes said the town council is working hard to regenerate Fore Street in the town centre.
'We are looking at the parking issues, have undertaken a complete street clean, and are looking at plans for a covered walkway. As a town council we are one hundred per cent behind Fore Street,' he said.