It has been lodged by Richard and Jennifer Lumgair from Edinburgh.
The proposal covers the remains of the former Pitmilly Mill building.
Documents lodged state they are not of architectural merit and are not listed by Historic Scotland.
They are currently in a “very dilapidated state.”
The applicants’ design looks to revive the dilapidated mill and incorporate it into the proposed new house.
They want to also add an extension on to which will be at the higher level of the site and be supported on engineered stilts.
The proposal is organic in shape featuring a circular module along with a sweeping curved link to join the proposed to the existing mill.
Papers lodged with the application said it was felt that this shape will make the home a much more unique and interesting development which will lend itself well to the traditional part of the mill conversion.
A statement added: “We believe that the proposals will be a good addition to the area, reviving a derelict building and creating a beautiful home.
“It will be a statement home whilst also being sympathetic to its surroundings. We are of the belief that the proposals will have minimal harm to the landscape.”
Councillors will consider the application in due course.