The 230 million dollar attraction, to be called the New York Wheel, is to grace a spot overlooking the Statue of Liberty, New York Harbor and the downtown Manhattan skyline.
Officials hope the views will add to the appeal of what they say would be the world's tallest Ferris wheel.
The 625-foot-tall structure would swing higher than the Singapore Flyer, the London Eye, and a 'High Roller' wheel planned in Las Vegas.
According to CBS News, the wheel would have 36 capsules, capable of carrying 40 people each.
Mayor Michael Bloomberg said in a release Thursday that "The New York Wheel will be an attraction unlike any other in New York City, even unlike any other on the planet."
The mayor's office estimates the wheel would draw as many as 30,000 riders per day and 4.5 million visitors a year, the report added.