The Observation Wheel Leeds (OWL) will be taller than Nelson’s Column, with the firm behind it promising a bird’s-eye view of the city.
The 60-metre wheel will be located in the car park near Kirkgate Market between George Street and Union Street.
Ten specially trained technicians will build the giant structure in one week ahead of its official opening on Saturday, February 16.
Leader of Leeds City Council councillor Keith Wakefield said: “We are delighted to welcome this observation wheel to Leeds.
“It will offer a real bird’s eye view of the city centre and for miles around.
“Together with the Ice Cube on Millennium Square, it is a great addition to the new tourism campaign aimed at boosting visitors and investment in the city.
“It is fantastic to have another fun and exciting attraction ideal for families to come into the centre of Leeds and enjoy.
“We look forward to seeing it full of people making the most of the chance to see the city in a way they’ve never seen it before.”
The wheel has 40 illuminated gondolas which carry up to six passengers each.
Edward Mellors, director of the Mellors Group, said: “We are delighted to be working in partnership with Leeds City Council to bring the giant observation wheel to the city, and look forward to welcoming the public to this attraction.
“It has taken a number of years to find a suitable site within the city that can accommodate this size of structure, and we are delighted that we have now found one.”
The wheel will be open on Monday to Saturday, between 10am and 10pm, and Sunday from 10am until 6pm.
Tickets prices are: adults £6, concessions £5, children £4 and free admission for children under the age of three.
For more information about the wheel visit www.observationwheelleeds.co.uk.