The city has posted a notice requesting companies express interest in the possibility of bidding to take over Midway with a 40-year lease, the Chicago Tribune reported Saturday.
The so-called request for qualifications stipulates that revenue from running Midway must be shared with the city on an ongoing basis, as opposed to paying the city up front.
The city -- which has incurred $1.4 billion in debts since rebuilding the airport in 1996 -- is seeking guarantees on prices for parking and concessions.
The city's 75-year agreement on parking meter operations, agreed to during former Mayor Richard Daley's tenure, pushed parking prices sharply higher. Mayor Rahm Emanuel's administration is trying to avoid signing a deal that would increase prices significantly, the newspaper said.