Around 1 million people have visited the Yorkshire Wheel
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The Yorkshire Wheel is set to be dismantled and rebuilt a quarter of a mile (402m) across the city of York.
John Lowry, senior operations manager for World Tourist Attractions, told BBC News they would be submitting a planning application for the switch.
The wheel has been at the National Railway Museum since April 2006, under a three-year contract.
Now, the current wheel is set to be taken down and a new one built in North Street on the banks of the Ouse.
Mr Lowry said the new custom-built wheel, which will be 200ft (60m) high - the same height as the present structure and only about 9m lower than the city's famous Minster - would have more commercial potential in its proposed new location.
He said there would also be the opportunity for the wheel to be open longer every day than at present.
Mr Lowry said they hoped to submit the planning application to the city council in the next four weeks.
Councillor Christian Vassie said his authority was keen to develop the whole of the riverside area.
Around 1 million people have visited the present Yorkshire Wheel since it opened two and a half years ago.
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