Moscow authorities are discussing a possible location for a giant 220-m (722-ft) Ferris wheel as part of a plan to attract more tourists to the Russian capital, the Kommersant newspaper said on Wednesday.

The wheel, tentatively called the Moscow View, was designed by the U.S. Gensler design bureau, which has the River Park in London and the 632-meter Shanghai Tower in its portfolio.

If built, the wheel will surpass the world’s tallest 165-m (541-ft) Singapore Flyer, the famous 160-m (520-ft) Star of Nanchang in China, and the Europe’s tallest 135-m (443-ft) London Eye.

The construction cost of the Moscow View is estimated at $300 million, the Kommersant said.

The Moscow government is planning to invest 135 billion rubles ($4.5 bln) until 2016 under a draft program aimed at boosting tourism in the capital.

Moscow, which ranks 19th on the Euromonitor International list of the world’s largest tourist centers, aims at increasing the number of visitors from the current 4 mln to 7 mln each year to receive over 50 billion rubles ($1.65 bln) in annual revenues from tourism.