The work, which is set to begin at the end of the year, will see around 60 upgrades carried out across 33 acres at the site.
This includes building a huge extension to Terminal 2 to make it the airport’s main space.
Terminal 1 will be demolished, while significant enhancements will be made to Terminal 3.
A seven-storey extension to the site’s multi-storey car park will also be put in place to help the airport deal with higher demand.
In addition, facilities will be improved, with more self-service check-in counters and a larger security hall put in place.
There will also be a new ramp installed to connect a slip road on the M56 with a new departures area.
Several firms are understood to be interested in bidding to work on the project, including Laing O’Rourke and Balfour Beatty.
Planning permission for the project was granted this week at a meeting of Manchester City Council’s planning committee.
Manchester Airports Group, which runs the airport, says the redevelopment work will make sure the site continues to thrive over the coming years.
Charlie Cornish, MAG’s chief executive, says: “The transformation programme will ensure the airport plays its full part in driving economic growth and develops as a key part of the UK transport infrastructure.”
All the developments will be staggered over the 10-year period, so that disruption to everyday operations is kept to a minimum.