The resort firm runs four centres in the UK

The company said the cost of the development, planned at Warren Wood, near Woburn, Bedfordshire, is expected to be in the region of �160m.

It would be built on land leased from the Duke of Bedford, who owns Woburn Safari Park.

Center Parcs has begun the process of discussions and consultation with Mid Bedfordshire District Council and other key bodies.

The project is expected to reach completion in three to four years, the company added.

The proposal we will be submitting will protect and enhance the local environment, significantly boost employment and bring major benefits to the local economy Martin Dalby of Center Parcs

Center Parcs already has holiday villages at Longleat, Wilts; Oasis Whinfell, Lake District; Sherwood, Notts, and Elveden, Suffolk.

The 365-acre Warren Wood, off the A507 to the east of the M1, has been identified as suitable after a study of more than 40 forested sites.

Center Parcs said it would consult widely with the local community and will hold public exhibitions in the new year.

Chief executive officer Martin Dalby said a possible fifth site marked a major step forward in the company's growth strategy.

"The proposal we will be submitting will protect and enhance the local environment, significantly boost employment and bring major benefits to the local economy," he said.