A new "world-class" 15,000-capacity venue in Cardiff will inject more than £100m a year into the south Wales economy, say backers of the project.
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Cardiff council hope the £150m Indoor Arena in Cardiff Bay would attract a million visitors every year after it opens to visitors at the end of 2024.
The council appointed a consortium of firms on Thursday to deliver "the missing piece of city infrastructure".
The plan will be discussed by Cardiff's cabinet before formal council approval.
Up to 2,000 jobs could be created during the construction phase of the project in the Atlantic Bay area of Cardiff Bay, with a further 1,000 jobs when the venue is up-and-running, said the council, calling it their "masterplan".
Cardiff Council said the proposal took a "step forward" on Thursday when Live Nation and Oak View Group were appointed as operators of the venue while Robertson will develop the site.
But councillors will now decide if the full business case for the project can be signed off.
The city's Principality Stadium can hold up to 74,000 people for major sporting and musical events.
But Cardiff's planners want a venue that can host smaller events - but more than the current 7,000-capacity Motorpoint Arena, which could be demolished as part of plans to create a "canal quarter" in the city centre.
In a statement, Cardiff council said new venue's development, which will be built on the current Red Dragon Centre site, is "the missing piece of city infrastructure needed to cement Cardiff's international reputation as a major events city".