Port Director & CEO Rodger Rees estimated $70m for the terminal and $40m for a 1,500-space parking garage.
The port is looking to ink an agreement with MSC Cruises for the public-private project.
The terminal would go into a warehouse currently occupied by Del Monte Fresh Produce. A major remodel would transform the facility into a two-story cruise terminal with two gangways.
If all goes as planned, work could begin when Del Monte's lease ends in 2024, Rees said.
Follows this year's upgrade to Carnival Jubilee terminal
This project would follow a multimillion-dollar renovation to the two-decade-old Cruise Terminal 25 (formerly called Cruise Terminal 1) to accommodate the new LNG-powered Carnival Jubilee, set to arrive in December this year.
Work includes federally required improvements to US Customs and Border Protection facilities, two new gangways, expanded passenger and luggage areas, an additional escalator and another elevator.
This comes after the November 2022 opening of the $125m Oasis-class terminal, a partnership between Royal Caribbean and Ceres Terminals.
1m passengers in 2023
As earlier reported, the Port of Galveston projects a record 362 cruise calls and more than 1m passengers in 2023.