Eden Project North would bring a huge economic boost to the town, and be a “game changer” for regeneration.
Plans include transforming the former Dome and Bubbles site into a major visitor attraction.
The proposals, which are understood to be in very early stages, could include “biodomes” similar to the ones at the Eden Project’s current site in Cornwall.
It is understood that Morecambe is the only site being considered for the Eden Project North site.
Last year, the Eden Project in Cornwall welcomed more than one million visitors over a 12 month period.
A spokesman for Lancaster City Council said: “The city council is working with its partners, Lancaster University and Lancashire County Council, to investigate the feasibility of a project in Morecambe.
“The feasibility work for any project is always likely to be complex and it is too early to say what the outcome will be, at this time.
“The council is very pleased to be working with its partners to consider transformation of the area through potential major projects and investment.”
David Morris, MP for Morecambe and Lunesdale said: “I have been working for many months behind the scenes with Eden on this exciting project.
“I am working with Government to secure funding and Powerhouse Minister Jake Berry is also supporting this project and helping me secure further funding. “Once this funding is fully finalised we will be able to give much more details about the project.
“It is an extremely exciting project and will bring a number of opportunities to our area.
“I have been and visited the Cornwall Eden project and spoken with their team and spoken to my Cornish MP colleagues about the Eden impact in their area.
“If Eden gives only a small percentage of those benefits to our area it will be a game changer for Morecambe and it’s regeneration.”
The Eden Project is an educational charity and seeks to connects people with each other and the living world, exploring how we can work towards a better future.
Its visitor destination in Cornwall is built within a huge crater.
Massive Biomes housing the largest rainforest in captivity, plants, exhibitions and stories serve as a backdrop to its striking contemporary gardens, summer concerts and year-round family events.
Eden Project International is continuing to make progress with partners across the world with a view to establishing an Eden Project on every continent except Antarctica.
Eden Project International will be established as a separate company under the Eden Trust in the next financial year.
More to follow...