The city council says 500 self-service bikes will be located across the city from April 2017.
A previous pilot scheme, which saw 70 bikes installed at 10 locations, ended in 2011.
Ramesh Patel, Cabinet Member for Transport, Planning and Sustainability, said: "The new scheme intends to be far larger that the initial pilot scheme.
"The bikes will be based at a number of easily accessed sites including hire stations at district centres, universities and other strategic locations close to existing public transport facilities."
The council wants to secure a provider to supply, maintain and operate the scheme, which it says, will be financed through sponsorship income and at no cost to the taxpayer.
'Boris bikes' were launched in London in 2010, with bikes being hired from any docking station using debit or credit cards. They can later be returned to any empty docking point.
The scheme has since been rolled out to a number of cities across the country.
Cardiff is to get a public bicycle hire scheme based on London's "Boris bikes".