The council is advertising for a partner to develop a skating rink, indoor ski slope and a multi-storey car park. It wants the scheme completed within five years.
The successful bidder will be invited to enter into a development agreement with the council for the development, funding and operation of the facilities.
The ski slope and snow facility must have a minimum 150m main run and 30m beginners’ slope, a real-snow play area for children, and a leisure ice pad.
The skating rink should be an arena capable of holding national and international events, with seating for 3,000 spectators. It would be the home of the Cardiff Devils ice hockey team and be built as the first phase of the development by August 2013.
The development will also include shops, restaurants and two hotels.
The council had previously struck a £5m deal with Planet Ice to deliver the arena but this was scrapped in July amid funding concerns.