The impetus for the development is Gateshead's selection by the London Organising Committee of the Olympic Games as a Pre-Games Training Camp for 2012.
The proposed 2.8ha development would offer a range of new sporting facilities to complement the existing stadium.
Gateshead Council is looking for a developer to deliver the plans, following an announcement made on Sunday (24 August) as part of a Fly the Flag ceremony to coincide with the handover of the Olympic Flag to the Mayor of London.
The centrepiece of the new development would be the new ice arena, but development interest is also being sought for facilities such as a snowdome for winter sports, a golf course, shops, restaurants and cafes.
Gateshead Council is investigating the creation of new watersport facilities on the nearby River Tyne. Plans are also being made to improve and update the existing stadium.