The winner of the new licence could profit from a potential 1.4m adult listeners, but will face a fight to establish itself in the ranks of the 11 commercial stations already operating in the area.
Emap, which owns Manchester's Key 103 and Magic 1152 AM, has developed an all-speech format called Piccadilly Talk.
Terry Smith, who is chairing the bid, said it will provide an "original new service with a number of clever ideas and unique programmes" including human interest stories and controversial documentaries.
However, rival speech-based bids are to be submitted by Chrysalis and Guardian Media Group before Ofcom's 3pm deadline.
Chrysalis is playing on the experience of its London speech stations LBC and LBC News in its 24-hour speech proposal GMBC. The bid is chaired by Sue Bamford, a former marketing director of Manchester's Arndale shopping centre.
Chrysalis is also submitting a second bid in an effort to secure an FM licence for its digital rock music station The Arrow.
GMG Radio has put forward RockTalk, which will offer speech at peak-time and music in the evenings. GMG unsuccessfully bid for the North East licence with RockTalk earlier this year, which went to Saga Radio.
TalkSport-owning UTV has made a last-minute withdrawal from the running for unknown reasons after preparing a format believed to be speech-orientated.
GCap is not bidding either -- it won the last new Manchester licence last year with Xfm Manchester and also owns 105.4 Century FM and Capital Gold 1458. Saga Radio has also ruled itself out.
Absolute Radio has confirmed it will be bidding with the same Jack FM team and format it recently put forward for the Liverpool licence. Its partners are Irish media group Communicorp and former Capital Radio chief executive David Mansfield, while the format is aimed at 45- to 59-year-olds with classic rock music and a two-hour football talkshow at breakfast.
The full list of bidders is expected to be revealed by Ofcom later today or tomorrow following this afternoon's deadline.
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