I have an app that is currently on the Play Store, and I would like to publish an update that will replace the existing app with another app that is an improved version of t
The case you are describing sounds like a complete rewriting of the application. This is perfectly in line with the application update process of Google Play.
Google-play determines that an application is an update based on two criteria only:
To be considered as an update, your new app should have exactly the same package name as the former one ("com.example.myapp"), and its android:versionCodeshould be higher, in your AndroidManifest.xml file. Of course, your APK should be signed with your account's private key, like any application you publish under your account.
All the rest is up to you.