Binali Yildirim said the international airport will have an estimated annual passenger capacity of 150 million and will take up nearly 300,000 square feet of space.
Today's Zaman said the airport will be on the European side of Istanbul, along the Black Sea.
The tender for the airport will be held in May, and the winning bidder will have operating rights for 25 years, the Andalou News Agency reported.
The airport is expected to be open in the summer of 2016 and will employ 120,000 people,
Yildirim said the airport will cost more than $9 billion.
Istanbul currently has two airports.