The Enquirer understands that Carillion, Laing O’Rourke and Mace are battling it out to convert the media centre into a new home for the creative and digital industries.
Client iCITY is believed to have broken the work down into two contracts being contested by the trio.
The main reconfiguration contract is worth £90m.
A separate £60m fit-out deal is also up for grabs for main tenant Infinity who are looking to host a massive data centre at the site.
iCity is hoping to start construction at the site this summer.
The finished site will contain three main buildings:
a 300,000 sq ft innovation centre
a 1,000 seat auditorium
a 850,000 sq ft building housing educational space, broadcast studios, office space, and a state-of-the-art data centre.
iCity is a joint venture between property specialist Delancey and data centre company Infinity SDC.