Entertainment giants AEG estimated the project to be built at Edinburgh Park will cost around £80m.
Edinburgh Park Arena will be privately funded and AEG Europe said it was now finalising funding partners to bring their vision for a new home for life music in Edinburgh to life.
Once an external contractor has been appointed and financed raised, construction is proposed to begin in 2025 and will continue over the course of two years, with the aim of delivering the first event in 2027.
The client team includes: architect HOK Internationa, Buro Happold as structural and M&E engineer with cost consultant Chandler KBS.