Next week the council will interview five shortlisted teams, thought to include Edward Cullinan Architects. The successful team will be announced shortly afterwards.
The scheme, on the former site of the Scottish & Newcastle brewery - home of the famous Brown Ale - would transform 5.8ha into a council-backed Science City, with the support of Newcastle University and development agency One NorthEast.
The project was announced a year ago and it is hoped the development will create more than 15,000 jobs, as researchers and companies come together to exploit opportunities in applied science areas such as stem cells, energy and molecular engineering.
The successful consortium is likely to be involved in the regeneration for the next 10 years, as the North East attempts to create one of Europe's leading science research centre.
The project's centrepiece is likely to be the 100,000m 2of new buildings that will be called 'Science Central' and will accommodate 'world-class scientific research, teaching and business facilities'.
Announcing the development, chair of the Newcastle Science City Partnership Paul Walker said: 'Investment in science and innovation is vital for the region's long-term growth and prosperity.'