A planning application is due to be submitted for 100 million pounds worth of investment, creating over 500 jobs, on the former Spillers Wharf site on the Quayside.
The 'Whey Aye' wheel will be the main attraction- surrounded by bars, restaurants and sports facilities in an area called 'The Giant's Quay'.
The complex will feature the The Geordie Giant, a 39 ft (12 m) tall steel structure, and new restaurants and bars called The Giant’s Quay.
It could be completed by November 2020.
In addition, the development will feature a family entertainment centre filled with trampolines, climbing walls, a skywalk and separate café.
The ‘Giant Sport Deck’ will comprise a multi-purpose play and sports complex, with covered five-a-side pitches and tennis courts available for public hire, as well as a state-of-the-art virtual golf club called The Quayside Golf Club.
There are plans for two big screens too:
Phase one: An 837 sq yd (700 sq m) LED digital screen on the facade of the visitor centre, at the base of The Whey Aye, which will be used to communicate information about local culture and events as well as social media content and advertising.
Phase two: A subject to a media licence, will see a world-record breaking 11,960 sq yd (10,000 sq m) LED digital screen added to the wheel.
The development will cover 344,445 sq ft (32,000 sq m) in total and, according to World Wheel Company, will take 18 to 24 months to build.
A detailed planning application relating to the observation wheel and the giant on the Quayside development is due to be submitted to Newcastle City Council by the developer later this year.