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Newcastle tourism bosses are aiming to build a dedicated conference centre following increased interest in the city from event organisers, it is reported.
Andrew Dixon, chief executive of the Newcastle Gateshead Initiative, tells the Times that the organisation is in "serious discussions" about developing a venue in the city.
"We've turned down over £30 million worth of international conferences because we don't have the space," he tells the newspaper.
Good transport links to London and an international airport have helped to attract business leaders to the region, which has seen a 42 per cent growth in hotels since 2002, with a further 1,000 rooms currently being built.
Last week, Lancashire County Cricket Club revealed that it has secured £10 million of funding from Natwest to aid the regeneration of its Old Trafford ground, including a 1,000 seat conference and events centre.
The building of the new £12 million venue is the focus of phase one of the proposed development.