The proposal, dubbed Hornsea Three, would create a complex that would be the "world's largest offshore wind farm", Dong Energy said.
Hornsea Project One, which is being built 75 miles (120 km) out at sea, is expected to be operational in 2020.
The RSPB has previously voiced concerns about the "high collision risk for seabirds using the area".
Brent Cheshire, Dong Energy UK's chairman, said moving forward with Hornsea Project Three "underlines our commitment to the UK offshore wind industry."
An application for consent to build Hornsea Project Two was submitted to the Planning Inspectorate in January last year. A decision is expected later in the year.
The energy firm said it expected to submit a planning application for Hornsea Project Three in 2018. If approved, construction was anticipated for sometime between 2022 and 2025.
Dong Energy has already built the Westermost Rough wind farm which consists of 35 turbines located 16 miles (25km) off the Holderness coast.
A public consultation into plans for a third offshore wind farm off the East Yorkshire coast has started.