A raft of big-name architects from around the world have already voiced their interest in the project.
Spiralling costs were blamed for the demise of the project off Margate pier, the budget for which had, according to Kent County Council, ballooned from £7 million to almost £50 million.
Now the client is looking for a design team to mastermind its replacement and has set a budget of just £12 million for the new venue.
It is understood the centre will be built on the same waterfront site first earmarked by the council for the gallery in the original design competition back in 2001 - and not in the sea, as proposed by Snøhetta and Spence.
The new building is to house historic and contemporary visual art as well as exhibition spaces, a restaurant and retail areas.
Entry submissions must be sent in before 19 April.