The development would be located on the current Macallan estate at Easter Elchies, near Craigellachie.
Subject to planning permission, work could begin on the facility next year, with a completion target date of 2017.
Ian Curle, chief executive of owners Edrington, said: "This is a confident investment in the future of The Macallan and its home on Speyside."
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Senior partner Graham Stirk added: "We are delighted to be working with The Macallan to realise their vision for the new distillery.
"This is a rare and fascinating project set within a great parkland estate. Our aim will be to reveal both the mystery of the place and the process, within this dramatic setting."
Rural Affairs Secretary Richard Lochhead also commented on the announcement, saying: "This phenomenal announcement is great news for Speyside and the whole of Scotland.
"Edrington's £100m investment will result in a breathtaking and iconic distillery and visitor centre which will create jobs and further enhance our global reputation for producing the finest food and drink."
The company is working with architects Rogers Stirk Harbour and Partners.
(JP/CD)
