The new structure will stand next to the Liver building - with its famous Liver birds - and the Cunard and Port of Liverpool buildings.

Dubbed the "Three Graces", they were many travellers' first sight of the city during its heyday as a major port.

Now city leaders hope the "fourth grace" - combining cultural, commercial and residential facilities - will help regenerate the city's economy.

Liverpool's existing "Three Graces"

The design contest was launched in March 2002 by Sir Joe Dwyer, head of the regeneration group, Liverpool Vision.

He asked developers in March 2002 to make an "architectural statement" along the city's waterfront that "would be witnessed by the world".

The prestigious project has attracted an impressive array of contenders.

Lord Richard Rogers, who designed the Millennium Dome and Paris' Pompidou Centre, has put his hat into the ring.

The designer of London's new egg-shaped City Hall and Berlin's Reichstag, Sir Norman Foster, is also bidding for the contract.

Together with renowned architects Will Alsop and Edward Cullinan, they will be asked to give more detailed proposals by November.

The public will then be consulted before the successful design is announced at the end of the year.

The public will be consulted on the designs

Broad estimates of the cost involved range from £150m to £225m.

But the team behind the project hope the building will raise revenue by boosting tourism and investment across the North West.

Mike Shields, chief executive of the Northwest Development Agency, said: "This is a fantastic opportunity to compliment and complete Liverpool's famous waterfront, and with the standard of entries received I am confident we will achieve just that.

"The development will not only be a significant factor in Liverpool's future but also the region as a whole, making a considerable contribution to the economy, creating jobs, boosting investment and encouraging visitors to England's North West."

The "Fourth Grace" scheme is just one of a number of regeneration projects planned for Liverpool.

They include a multi-million leisure complex and a new Everton FC stadium by the King's Dock, and a shopping development around Paradise Street in the city centre.