Standing 175m high, the £60 million Pinnacle tower in the Eastside Regeneration area is being touted as a 'futuristic tourist attraction' and the first vertical theme park in Europe.
Among the rides on offer will be a freefall parachute drop outside the tower, a flight trainer, a 'gyro' ride for up to 50 passengers, a bungee drop, an eight-seat giant drop, and a 'high-level seesaw'.
Due to be built next to Millennium Point, the two storeys at the top of the building will house a restaurant, a bar, and an observation platform, while at street level there are plans for 5,000m 2of commercial space.
The locally based practice hopes the landmark will attract more than one million visitors in its first year of opening.
Richard Pawley, chairman of developer ROC International Towers, said: 'We have identified a unique opportunity in Birmingham for the development of a major attraction, and we are delighted that plans for this are now at an advanced stage.
He added: 'While this would be the first tower of its kind in Europe, the concept is attracting interest in other parts of the world, and I anticipate we will be announcing plans for similar ventures around the globe in the near future.'
Should the scheme receive planning permission, the tower could open to the public within two years.