ferris wheelThe Moscow View will be 330 feet taller than the Tianjin Eye, pictured here.Wikipedia

In a bid to increase tourism, the government of Moscow is considering constructing a 722-foot tall observation wheel. If built, it would become the tallest observation wheel in the world, according to Reuters.

The project, called the Moscow View, would cost $300 million. It's part of a larger, $4.5 billion plan to bring visitors to the Russian capital, UPI reported. The base of the structure would house a concert hall, galleries, retail stores and restaurants.

If completed, the Moscow wheel would surpass the Singapore Flyer, which is currently the world's tallest observation wheel at 541 feet. The structure is being designed by global architecture firm Gensler.

Observation wheels are generally considered to be more than 442 feet high, while ferris wheels are 328 feet or shorter, according to Reuters.

Want to see how the Moscow View stacks up against the competition?

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