It is expected that the project will take two years to develop, with the current Gateway Holiday Park to become the Gateway Resort from Easter.
The developers are aiming to attract the family market with rides to suit, and have named Drayton Manor as the type of park they hope to emulate.
An early illustration of the new theme park shows seven potential ideas for roller coasters; Looper, Stingray, Flying Welshman, Boomerang, Drop, Bobsleigh and Runaway Train.
One of the new roller coasters would be the only one of its kind in Britain, being designed and manufactured by Vekoma, who are currently working on Flight of the Pterosaur and Raptor in the Lost Kingdom at Paultons Park.