The city council is already working with a major property owner at Ingliston to look at whether an arena with a capacity of up to 15,000 could be built in the area.
Initial designs for an arena and conference centre, which would be part of an international business district being pursued by Edinburgh-based developer New Ingliston Limited, have now been commissioned.
The team, working under the name International Venues, is said to contain individuals that have worked on the development of the Bird's Nest Stadium at the Beijing Olympics and Wimbledon Centre Court,
In a report for councillors published today, Dave Anderson, director of the council's city development department, said: "International Ventures will investigate operator and sponsor interest, develop a five year business plan and produce indicative designs for such a facility."
An internal assessment of two other potential sites for a new arena and conference cnetre - next to Ocean Terminal and between Hermiston Gait Retail Park and Edinburgh Park - is also being carried out by council officials.