An agreement on the future of the Maze Prison site has been reached by the NI first and deputy first ministers, Peter Robinson and Martin McGuinness.
The long-awaited proposals include the construction of an EU-funded Peace Building and Conflict Resolution facility.
It is also thought the Royal Ulster Agricultural Society will move to the site.
The former prison was closed in 2000.
According to BBC NI political corespondent Gareth Gordon, a board will be appointed to oversee the facility.
It will comprise of ex military personnel, former prison officers, and police officers along with victims, politicians and former republican and loyalist prisoners.
The facility will be housed in the former prison hospital where the IRA hunger strikers died and in one H block, H6.
If approved by the Assembly, a development corporation for the site could be operational within six months.
The corporation will oversee the opening and redevelopment of the site including the construction of the Peace Building and Conflict Resolution facility.
Mr McGuinness said on Thursday: "The Office of the First Minister and Deputy First Minister will shortly submit an EU funding application for a Peace Building and Conflict Resolution Facility on the site.
"It is anticipated that the centre will be a world-class facility of international importance designed to strengthen our peace-building expertise and to share our experiences with others throughout the world."
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