The scheme is set to move forward after investment company Legal and General paid Rushmoor Borough Council and its development partner, Citygrove, £51m for the site.
The Enquirer understands that several builders are already circling the job with Bowmer & Kirkland, McLaren, John Sisk and Willmott Dixon in the bidding.
The winner will be unveiled next month.
Built on the site of a former 1960s car park, the scheme will be constructed on a deck platform so as to provide a 500-space car park at lower ground level.
It will be anchored by a seven-screen multiplex Cineworld and a Morrisons supermarket, and will provide eight restaurant units and a 91-bed Travelodge hotel.
Andrew Ferguson, from Legal & General, said: “The Westgate represents a good opportunity to acquire a prime town centre leisure development scheme that will provide the long-awaited catalyst for Aldershot’s regeneration.
“The town is currently home to approximately 33,000 people, including a large military contingent, but with no current leisure offer and plans to consolidate the army’s operations in Aldershot alongside government targets to increase the town’s housing by 4,000 new homes.”