The scheme will form the second phase of a £10.5 million project to create a leading healthcare and bioscience centre on the university's Western Campus.
The centrepiece of the new hub, which will create 4,500m 2of 'flexible' space, will be a curved four-storey building - the top of which is to house incubation units.
Carey Jones director Nigel Saunders said: 'With the existing Leeds University Business School designated a Grade II-listed building, we believe we have designed a sensitive yet contemporary solution that complements the site.
'The new building is designed to reflect the pioneering spirit of the Innovation Centre and creates an exciting point of interest on the Western Campus.
He added: 'Further phases are planned over the coming years in line with [our] masterplan.'
Incorporating a number of 'green' features, including displacement ventilation and chilled beams, the building is expected to open its doors in summer 2007.