A BAM Nuttall/Farrans joint venture will build the lifting bridge and associated highways for Norfolk County Council.
The council will now submit a final business case to the government. If approved this would release £98m of national funding towards the cost of the project.
The balance will come from local sources, allowing construction to begin in early 2021 for use in early 2023.
The contractors have developed a twin leaf bascule bridge design with the counterweights below-deck.
When finished the bridge will connect Harfrey’s Roundabout to the west of the River Yare with South Denes Road to the east of the River Yare.