Market testing with contractors has showed there is little appetite to bid under a private finance model.
And initial soundings with contractors suggested a PF2 bid would cost £424m compared with £319m under a conventional public funding route.
The Trust also warns that PF2 would delay a targetted 2022 project completion by at least a further 6 months because of the complexity of commercial negotiations.
It will now go to Government with its detailed findings to seek direct funding to complete the stalled hospital project.
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If successful it hopes to invite contractors to bid for the £300m-plus project as early as October.
The Trust will still proceed with earlier plans to appoint an interim contractor to deliver a £13m programme of works to protect the site as far as possible until a replacement construction contractor is appointed.
In a brief statement about the future of the half-finished project after a key committee meeting last night a Trust spokesman tweeted: “Milestone reached today in deciding preferred option for Midland Met build.
“The Trust Board will recommend to government a public procurement to complete build of much-needed acute hospital in 2022.”
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