The gift of the 0.45ha of land is to celebrate the university's 150th anniversary this year and will be used to build the university's Sustainable Futures Initiative building, which will house teaching and research programmes.
The 350m-long asbestos-ridden Fryatt St wharf sheds were recently demolished and cleared by Port Otago, in a $2.4million project.
The university was asked if the building would be of a van Brandenburg design, what its size and cost would be and if it would include an aquarium, but it could only say yesterday it was "considering options'' and would eventually announce specific plans.
Port Otago chairman Dave Faulkner said the multimillion-dollar commitment from Port Otago was a practical way to support the university's proposal.
"It recognises and celebrates the University of Otago's contribution to the province and throughout New Zealand,'' he said.
Mr Faulkner said Port Otago and the university were already active members of the proposed harbourside development team, the port company being the majority landowner involved in the wider plans.
"We're excited about the direction work is heading and confident the Government will support the project, via the Provincial Growth Fund,'' Mr Faulkner said.
University vice-chancellor Harlene Hayne said in a statement the gift was "fantastic news'' for the university, Dunedin community and wider Otago.
"This substantial gift will enable us to advance important work on sustainability, which is the big issue of the century,'' she said.
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Given the nature of the building usage in discussion it will be interesting to see if it heads down the van Brandenburg path or towards a sustainable, cyclic economy design - assuming that the van Brandenburg design didn't already factor that element.
What will happen to the Monarch office?