The Bay and Bloor intersection is one of three scramble intersections in the city.
The scramble system, which allows pedestrians to cross the street diagonally on selected lights, has been in place at the downtown intersection since November 2010.
However, the city is considering revoking the classification that allows the scramble system to be in place at Bay and Bloor, as there are indications the crossing is underused.
A notice advising the public of the Wednesday evening meeting says that the intersection is "underperforming" as a result of too few people using the diagonal crossing.
The public meeting will be held at Belmont House, which is located at 55 Belmont St., between Yonge Street and Davenport Road. It is scheduled to start at 5:30 p.m.
The other two scramble intersections, at Yonge and Dundas and Yonge and Bloor, are performing well and are not under consideration for removal, an official says.