The team behind plans to build a new music venue at the old Filton Airfield will submit their official planning application this week.
YTL want to repurpose the Brabazon Hangars to turn it into an Arena with a capacity of 17,080.
If the application is approved, they say they will create a new "entertainment complex" for Bristol and the South West.
It is being submitted to Bristol City Council and South Gloucestershire Council for consideration.
If approved, YTL claim the scheme will create more than 500 jobs and inject £1.5 billion into the local economy over 25 years, as well as raise the profile of the city and wider region.
This though, is just the latest step in a long drawn out process which initially saw plans formed for an Arena in the city centre near Temple Meads train station.
The Buckingham Group wanted to build that one, but those plans were eventually scrapped in September last year when Mayor Marvin Rees said the land could be better used.
Now, YTL say nearly 2,000 people have visited the Brabazon Hangars over the past 12 months to hear about their plans, while the team have visited locations in the North, South, East and West of Bristol as well as in South Gloucestershire.
"YTL’s commitment is demonstrated as we submit our exciting plans to deliver a 100% privately funded entertainment complex for Bristol", Andrew Billingham, the Managing Director of YTL Arena Complex said.
"We’re building much more than just an Arena - it’s a 365-day entertainment destination inside the iconic Brabazon Hangars that will create new jobs, bring new business to the region and enhance Bristol’s position as a leading European city."
They say the Arena itself will be in the central hangar, with a capacity of 17,080 making it the third largest in the UK behind Manchester and the O2 in London.
The East hangar will then house a "festival hall", a flat floor event space for conventions and exhibitions, while the West hangar, dubbed "The Hub", will feature places to "eat, work and play".
YTL says sustainability is a "key focus" of the plans, with the proposal including a scheme to harvest rainwater, install solar panels on the roof and send zero waste to landfill.
Seb Loyn, Director of Planning & Development at YTL Developments said: “YTL Developments is already beginning to transform the former Filton Airfield into a thriving new neighbourhood for Bristol, known as Brabazon.
"The YTL Arena Complex will be connected to and complement this new urban community, creating a place where every generation can live, work and play.”
A new train station due to open in 2021 and a new Metrobus service, both serving the new Brabazon neighbourhood and within 500m of the proposed Arena Complex, will create transport links to the city centre.
If the proposals are given the green light, YTL plan to open the site in early 2023.
You can listen to an interview with the Managing Director of YTL Arena Complex Andrew Billingham below: