The decision leaves Wilson Bowden and Morgan Sindall’s development arm Muse left in the running for the job.
The shortlisted duo will now submit detailed proposals for the scheme which is expected to start on site in 2013.
A winner for the scheme will be chosen by the council next March.
Cllr John Burrows, Leader of Chesterfield Borough Council said: “Muse and Wilson Bowden have some exciting ideas for the Northern Gateway site.
“The Council is satisfied that both these companies have a strong track record and will be able to deliver a development that raises the quality of the retail offer and enhances Chesterfield as a shopping centre and visitor destination.
“The development is expected to generate a significant number of jobs both during construction and once completed.
“Muse and Wilson Bowden have confirmed that they are committed to maximising opportunities for local businesses as well as jobs and training opportunities for local people.”
The Northern Gateway project will redevelop the Donut roundabout area of the town centre into a high quality shopping centre.