The proposed £80m facility, designed by architect Scott Brownrigg, will be able to seat 5,000 people and have a total floor space of 20,000 m2.
Excavation work to enable construction is expected to begin in September 2016 and the new convention centre could be completed and ready for use in 2019.
Welsh economy minister Edwina Hart has agreed a deal in principle for the Welsh government to form a joint venture with Wesley Clover, the parent company of Celtic Manor Resort, to move the scheme forward.
She said: “The new convention centre will provide a considerable economic boost to Wales. The 2014 NATO Wales Summit and the 2010 Ryder Cup demonstrated that Wales and the Celtic Manor Resort have the ability to host events on a global scale. We need a world-class convention centre in order to capitalise on Wales’ growing reputation in this area, to host international events and conferences on a regular basis.”
Newport City Council leader Bob Bright said: “We have been working with the Celtic Manor since the original facility was completed to progress this great opportunity to host an international convention centre here in Newport. We are delighted with this latest announcement of a new joint venture company to bring the plans to reality, and look forward to the many benefits this facility will bring to the City of Newport.”