The mill would use recovered paper to produce approximately 400,000 tonnes a year of lightweight 100% recycled paper, which could be used in the manufacture of lightweight corrugated boxes and boards.
Family-owned Spanish paper and packaging production company SAICA will submit a planning application to Trafford Metropolitan Borough Council next month.
If successful, the paper mill will provide around 200 local jobs.
Earlier this month, SAICA purchased Swedish-owned SCA's UK and Ireland conventional corrugated packaging operations for £100m.
An SAICA spokesman said the development of the proposed plant and the SCA purchase were "very separate".
SAICA was unwilling to issue any extra information at this time.
The company produces lightweight corrugated papers and employs 7,000 people in Spain, France, Portugal, Italy, Ireland and the UK.
It has an annual turnover of €2.1bn (£1.6bn), and hopes to achieve a total capacity of 3m tonnes by 2017.
SAICA plans 250m recycled paper mill in Manchester
Spanish corrugated packaging firm SAICA plans to build a 250m state-of-the-art recycled paper mill in Manchester.
