Turkish authorities say Istanbul's historic Grand Bazaar, one of the world's oldest and largest covered markets, will undergo restoration work.

Mustafa Demir, Mayor of Fatih District, told The Associated Press on Monday that the project to overhaul the centuries-old, labyrinthine complex could take up to 10 years and cost some $55 million.

Demir said: "With the time it takes to repair the roof, it will probably take a decade."

Shopkeepers told the AP that the maze of shops, restaurants and tea houses is damaged and in need of repairs. Many are looking forward to the restoration but some expressed hope that the restoration will remain faithful to the original.  

The iconic complex, which houses nearly 4,500 shops, was featured in the 2012 James Bond movie "Skyfall."