The waterfront plot overlooking the lake at Lakeside is being touted by the council as an "amazing opportunity" for a property development which could include housing, leisure facilities and a restaurant.
The 5.4 acre site has been made available as a whole or in part - and bids are now being sought by developers.
Scott Cardwell, assistant director for development at Doncaster Council said: "If you are a residential developer this is without doubt the best site that has ever come on the market in Doncaster to create an outstanding mixed use development.
"Make sure you do not miss out on this amazing opportunity."
An advert for the site, posted on property website Right Move said: "This is an outstanding opportunity to acquire a high profile mixed use development site in the popular Lakeside area of Doncaster.
"Doncaster Council is seeking a developer to deliver a high quality development on one of the few remaining sites directly overlooking the lake and with easy access to the motorway network.
"The site is considered suitable for a wide range of potential uses, subject to planning approval and is available as a whole or in parts."
The site consists of two separate areas predominantly grassed with a public path running between the them that forms access to the lake and is situated off Lakeside Boulevard.
The advert added: "With reference to the planning brief provided, the Council's aspiration is to encourage a high quality mixed use development suitable for a range of housing and a small scale restaurant use.
"At this important and prominent location there is a wish to see the highest urban design and architectural standards adopted in order to realise this ambition."
In 2009, planning permission was granted for 308 apartments in four complexes and a bespoke restaurant building - but the application was never implemented.
Closing date for tenders is noon on August 24 and prospective developers are being urged to contact Doncaster Council.