The Italian architect is understood to have been commissioned to design the 'long, slender, residential tower' on Park Avenue, Manhattan.
This scale will trigger widespread interest - and most likely controversy - for the designer of London's Shard of Glass, as it is much higher than any surrounding buildings.
This includes Mies Van Der Rohe's world-famous Seagram building, which at 157m tall would be dramatically dwarfed by the new scheme. The tallest building on Park Avenue currently is 44 storeys and 175m tall.
No more details of the Renzo scheme are yet available, but it is believed that design work is about to get under way.