The Swedish foundation that administers the Nobel Prizes plans to build a new center in Stockholm that will serve as a "focal point" for the awards.
The Nobel Foundation says the new 1 billion kronor ($145 million) Nobel Center, tentatively scheduled to open in 2018, "will underscore the role of Stockholm and Sweden as the home city and home country of the Nobel Prize."
Nobel officials noted Friday that neighboring Norway's capital Oslo, where the Nobel Peace Prize is awarded, has a center for that award, while Stockholm only has a Nobel Museum.
The new center would incorporate the museum and also house the foundation's activities.
Prize founder Alfred Nobel decided the physics, chemistry, medicine and literature prizes should be awarded in Stockholm, and the peace prize in Oslo.