The plan by Philippine company San Miguel is also reported to include an elevated toll road to connect the airport to the Makati financial district.
The Philippine Daily Inquirer quotes San Miguel president Ramon Ang, as explaining that his firm was ready to fund the entire project itself, but was also open to taking on partners.
The conglomerate is set to propose an 800-hectare facility over a five-year period, and government transport ministers are also reportedly inviting San Miguel to make a formal proposal.
San Miguel, which also owns a stake in Philippine Airlines, announced last year its intention to build the new airport, which is says would replace Manila's ageing Ninoy Aquino International Airport.
The congested gateway was built in 1981 to handle 6mppa, but its terminals handled more than 30mppa in 2013, at its three terminals, exceeding the 28mppa capacity the terminals were built for.
The Philippine government recently revealed plans to upgrade 12 airports including building a new terminal at Ninoy Aquino.
Airport development in the Philippines, is part of a strategy to attract 10 million foreign tourists by 2016, and help fuel one of Asia's fastest growing economies.