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The blueprint master plan includes a major refurbishment of the terminal building and space for further runway expansion and is estimated to provide employment to approximately 1,100 within the Scottish construction industry.
Aberdeen was said to have been the UK's fastest growing airport last year, with forecasts produced by BAA predicting a growing demand in the long-term for air services to and from the city.
Details of the project will now go out for consultation, featuring a defined target of raising passenger numbers by 40% by 2040.
Derek Provan, managing director of Aberdeen Airport, said: "The aviation industry has changed a great deal since the first Aberdeen Airport Master Plan was published in 2006, a time of unprecedented growth in the aviation industry."
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Local residents, businesses and politicians will have a chance to air their views on the future development of the airport during a 12-week public consultation.
Mr Provan stated: "We will be consulting widely on our plans to ensure that all sections of the community have an opportunity to share their views."
Mr Provan added: "We recognise that we can only grow with the support and trust of our neighbours. We are determined to grow Aberdeen Airport in a responsible and sustainable manner, and we will be consulting widely on our plans to ensure that all sections of the community have an opportunity to share their views."
Bob Collier, chief executive for Aberdeen and Grampian Chamber of Commerce, said the proposals in the draft master plan illustrated "the depth of Aberdeen Airport's commitment to the north east of Scotland".
He added: "The region has already been the beneficiary of a multi-million pounds investment in its infrastructure which has considerably improved the standard of service for passengers travelling to this world as well as opening up opportunities for new routes. These ambitious proposals take the potential for the region to the next level."
(HMc/GK)
