It is thought that the project will be an extensive resort with hotels, swimming pools and golf courses. Scott Brownrigg has drawn up rough plans for a hotel complex, which will include a golf course and possibly a golf school.
A spokesperson for Scott Brownrigg refused to comment on the specifics of the scheme but estimated that the resort would cost more than £50m to build.
The spokesperson added that Venables, who is handling the project through his company, Terry Venables Associates, had selected the architect after meeting the firm through a contact.
The scheme is currently being considered by the Spanish planning system, which requires separate permits to be issued for hotels and leisure facilities. This stage is anticipated to last several months.
If granted, construction would take about two years, with a completion date of three to four years from now.
Venables, who was the England football team's manager between 1994 and 1996, first developed a business interest in Spain when he managed Barcelona in the 1980s. He owns a hotel complex 40 miles from Alicante on Spain's Costa Blanca.
Terry Venables Associates was unavailable for comment.