The plan is the brainchild of American company Great Wolf Resorts, which aims to build its first European resort on a 46-acre site at Chesterton, near Bicester.
The Great Wolf Lodge will feature a 500-room hotel, indoor water park, with slides and pools for adults and kids, along with an adventure park with climbing walls and ropes courses.
Also on-site will be a nature trail, bowling alley, miniature golf and restaurant.
Work is understood to be due to start before the end of the year.
The client project team includes EPR Architects, project manager Arcadis, M&E consultants Hoare Lea and structural engineer Curtins Consulting.