The council's plans for the area include the construction of 5900 homes, schools and health centres, and improved transport links to the Byker and Shields Road districts.
The revamp, part of a £1bn, 20-year regeneration plan, is set to be approved by the council on Monday.
The long-term regeneration scheme, which came under fire from residents earlier this year, also includes the redevelopment of Newcastle's west end.
The council intends to build 2000 homes at Elswick Wharf, a multimillion pound leisure and shopping centre, a tram system integrated with the metro underground train network and showpiece botanical gardens. New tram lines are also envisaged.
Council might enter into joint venture with winning team
Newcastle council spokesperson
The council will advertise in the European Union's Official Journal for development partners for the west end project next year.
The preferred bidder for the east end will be chosen early next year by an advisory group that includes local residents.
A spokesperson for Newcastle council said it might enter into a joint venture with the winning consortium, or set up a development company or an urban regeneration company similar to Liverpool Vision or Sheffield One.