This project will mark the country's second major airport investment in less than a year at the largest city in southwest China, which is the capital of Sichuan province.
The new Chengdu gateway will reportedly have three runways, capable of handling 40 million passengers upon its completion in 2025, according to the official Sichuan Daily.
Chengdu's existing Shuangliu Airport, built in 1938, is the fifth busiest airport in the country and serves as a hub for inland China destinations for carriers such as Air China, AirAsia X and Korean Air among others.
Passenger traffic at the Shuangliu facility increased 12.8% to over 37 million last year, more than doubling the volume of 13.9 million in 2005, but it is expected it could reach its designed capacity of 40 million as early as next year, according to traffic estimates.
China is pushing to build facilities to manage its fast-growing aviation sector, as congestion at major airports lead to endemic delays and growing passenger frustration.
Passenger volumes have been growing at a rapid rate, and China's airports handled more than 754 million passengers in 2013, up 11% from 2012 and 86% from five years earlier.
The country is expanding its airport capacity and multi-billion plans to build new gateways to service the cities of Beijing and Dalian have already been outlined, and reported on previously by Airport World.