The 3,300-bed next phase, designed by Sheppard Robson, would result in up to 5,400 beds across the Fallowfield campus on completion.
Latest proposals involve taller buildings than those that surround it up to 15 storeys.
Vinci built phase one of just over 1,100 bedrooms arranged in eight accommodation blocks four years ago. But the plan to replace all the existing outdated stock stalled after this first phase completed.
The redevelopment will be delivered in multiple phases and includes the demolition of Owens Park Tower which has been closed for several years.
The University will now work with a delivery partner to bring the plans forward with the initial focus on the vacant Owens Park buildings.
A detailed phasing strategy will be prepared once a development partner has been appointed.