Birmingham is set to have its own version of the London Eye which could be the biggest of its kind in the world.

A consortium of local businesses are behind the plan to develop a Birmingham wheel at a site close to the city's Millennium Point.

The ambitious scheme aims to create a bigger and better version of the London Eye making it the largest wheel of its kind in the world.

If the building goes ahead, it would stand at a height of 145 metres.

This will be a fantastic landmark for the city and should reinforce the importance of tourism to Birmingham

Richard Pawley

A spokesman from the consortium said the necessary finance was already in place.

The attraction would be run by the team behind the Staffordshire-based Drayton Manor theme park.

Richard Pawley, from Drayton Manor, said the consortium hoped the wheel would become a major tourist attraction.

"The wheel would be the biggest of its kind in the world and we already have the necessary finance in place to proceed," he said.

"This will be a fantastic landmark for the city and should reinforce the importance of tourism to Birmingham as part of the city's new tourism strategy."

Mr Pawley said he was in talks with officials from Birmingham City Council to discuss possible sites for the wheel.

If the wheel is built, developers hope it will be a major boost to the region's tourism industry and help transform the Eastside area of the city.