Almost 200 posts could be cut at the University of Dundee in a bid to save £8m a year.
The university said it wanted to achieve savings of between 10% and 12% across all four of its colleges.
A report - which includes a proposal to merge some departments - will be submitted to the university's governing body on Monday.
A voluntary severance scheme has been opened but compulsory job losses could not be ruled out, the university said.
The strategic review was launched late last year to establish the future direction of the university and to improve financial stability.
Worst hit by the job cuts are the School of Medicine, which will lose 20 posts, and the university-wide support services, where staff will be cut by 85.
As well as the loss of up to 193 posts, an additional £1.5m of savings will be made by reducing the number of buildings used by the university and cutting subsidies to activities such as the botanic gardens and campus catering.
The schools of Architecture, Geography and Town and Regional Planning will be merged to create a new School of the Environment.
And a School of Business will be created out of the merger of the School of Accounting and Finance with the Economics department.
Professor Pete Downes, principal and vice-chancellor of the University of Dundee, said the review included "increased focus on areas of excellence" at the university.
"This is about reprioritising our activities to enable us to invest in those areas which will deliver excellence and impact," he said.
"At the same time we have to establish the future financial sustainability of the university, and we have been working especially closely with the colleges and services to identify where savings can be made.
"The entire higher education sector is working against a backdrop of potentially considerable reductions in core funding."
Professor Downes said he could not rule out "more radical proposals" in the future, following the UK government's comprehensive spending review.
The Dundee University Students' Association (Dusa) said it was disappointed by the proposed measures.
A spokeswoman said: "Inevitably any cuts to staff budgets will act to the detriment of the student experience and Dusa maintains its stance against any austerity measures that affect the quality of education received by students at the University of Dundee."
"Dusa, however, recognise that the cuts proposed to University Court are likely to be the tip of the iceberg and that further measures by the government could exacerbate the situation."
The paper will be considered by the University Court on 25 October.