Fallen from Grace: The Cloud was scrapped

The bids include plans for a social history museum and renovations at both the Pier Head and Lime Street Station.

Liverpool Council insist a winning bid will be completed in time for the city's Capital of Culture year in 2008.

If bidders are successful, they will be asked to submit more detailed plans to the Objective One funding committee.

In terms of feasibility we are ready to go National Museums Liverpool

The North West Development Agency, rumoured to have bid for cash to build a glass exhibition centre on the waterfront, say it is a "speculative bid" at this stage.

The National Museums Liverpool, who originally bid for funding to build on the waterfront, say there are no detailed plans as yet, but "in terms of feasibility we are ready to go."

Plans to build Will Alsop's design, "The Cloud," fell through in July after costs spiralled to more than �100m more than the original cost.

The plan for the site - near the Liver Building, the Cunard and the Port of Liverpool buildings - included office space, a hotel and community facilities, including a bar, restaurant and viewing gallery.

At the time, David Henshaw, city council chief executive, said: "The city remains committed to delivering our aspiration for a sustainable and deliverable cultural and leisure development on this important site."

Liverpool qualifies for Objective One funding as the area's economic performance is less than 75% of the average in the European Union.