The tower is similar to the Stratosphere casino in Las Vegas
The 175m (574ft) Birmingham Pinnacle will be built next to Millennium Point, if the city council approves the plans.
Rides include a high level seesaw, a freefall parachute drop, a bungee drop and a 50-passenger gyro ride.
The building would be the Midlands' tallest, the first of its kind in Europe and would resemble the Stratosphere tower in Las Vegas.
Richard Pawley, chairman of ROC International Towers which is behind the proposal, said he had been working with Birmingham City Council for the past 12 months.
In 2003, the council said it encouraged well placed, high quality tall buildings that would enhance the city's image.
Mr Pawley said: "The leisure market is set to grow steadily over the next few years and the challenge for us has been to find innovative ways to capture people's imagination. I am sure this theme park will do that."
'Vertical entertainment centre'
Councillor Ken Hardeman, cabinet member for regeneration, said he thought the Pinnacle would be a "magnet" for visitors.
It is hoped that it would attract one million visitors in the first 12 months.
Birmingham City Council confirmed it had been in discussion with the developers and is "broadly supportive of their proposals". It anticipates a planning application "in due course".
If plans are approved, developers said they hope that the "vertical entertainment centre" would be open within two years.
The building would be illuminated by lasers at night and visitors can view the city from an observation point from the top two storeys.
Due for completion later this year, Beetham Tower will become Birmingham's tallest building at 122m (400ft).The 39-floor tower will include 160 apartments, a hotel and health club
Source : BBC