The tendering process for the facility will commence in January, Managing Director V J Kurien told reporters.
The facility would have a built up area of over 15 lakh square feet to handle about 10 million passengers each year.
The passenger demand upto 2025 will be taken care of by the new facility.
Kurien said the airport company--Cochin International Airport Ltd-- would either go for borrowing or float IPO to raise funds.
The CIAL board, which is meeting here on December 20, is likely to take a decision in this regard.
The terminal will have 15 parking bays with full aerobridge connectivity. Fiftysix check-in-counters with provision for 28 more, duty free shopping space of over 10,000 square feet and four premium lounges for first and business class passengers and food courts are also on the anvil.