Carillion was preferred bidder for the 100 Embankment office development on the site of the old Manchester Exchange railway station after completing the first sister block at 101 Embankment at the start of 2017.
Developer Ask Real Estate, which was owned by Carillion until its stake was bought by Midlands developer the Richardson family a year ago, is understood to be in talks with the contractor with view to a spring start.
An insider told the Enquirer that both parties were hopeful of agreeing terms within the next month.
The 166,000 sq ft office project involves building a 9-storey office building, designed to achieve Excellent BREEAM rating.
The Embankment development forms part of the wider Greengate regeneration scheme, bordering Manchester and Salford, which aims to attract £400m of private investment and create 5,200 jobs.
Greengate takes its name from the main street that ran through the historic core of Salford to the River Irwell and the Greengate & Irwell Rubber company that was in the same area.