The bidders have until late May to bid for the newly-named Barnsley Marketplace, according to construction information specialist Glenigan.
Last week Barnsley Metropolitan Borough Council signed a revised development agreement with the joint venture between Ashcroft Estates, Wilson Bowden and Guildhouse Group.
The original plans were revised following the 2008 global financial crisis, leading to a temporary halt of the scheme.
Since then the joint venture known as 1249 Regeneration Partnership has worked closely to improve the scheme and amend the financial terms to achieve a commercially viable and deliverable project.
The revitalised plan is to create a new central retail core for the town anchored by Debenhams department store, an Odeon seven-screen cinema, 35 retail and leisure units as well as ample car parking for shoppers.
There will also be a new market hall to house the indoor market.
The Leader of the Council, Cllr Stephen Houghton CBE, said: “The council has already agreed to purchase the former Yorkshire Forward assets and the signing of the revised development agreement represents a clear commitment by both the 1249 Regeneration Partnership and the council in moving the project towards delivery in a very difficult economic environment.”
Tony Baker, Director of 1249 Regeneration Partnership, said: “Last year we announced the formal signing of Debenhams to this flagship £125 million scheme.
“We are currently in discussions with a number of national retailers and in the coming months we will be announcing new retail names to Barnsley.
“The signing of the revised development agreement is a key step forward and reinforces the commitment of all parties to bring this project to fruition for the benefit of local residents, retailers and market traders.”