Rite Aid Corp., in a revised proposal, yesterday offered about $675 million to buy Revco D.S. Inc., a privately owned drugstore chain based in Ohio, and bring it out of Chapter 11 bankruptcy proceedings.

Rite Aid, a drugstore chain based in Shiremanstown, Pa., near Harrisburg, and five Revco bondholders jointly submitted the plan. It calls for giving Revco creditors $542 million in cash and distributing about $133 million worth of Rite Aid common stock to creditors. In addition, Rite Aid would assume about $80 million of Revco liabilities.

When Revco filed for protection from its creditors in July 1988, it was $1.5 billion in debt.