The AU$450m (US$394.4m, £246m, €312.2m) revamp of the Sydney Modern art gallery in New South Wales, Australia has taken a step forward after its director announced 12 highly acclaimed architecture firms as potential designers for the project.

In January the former Art Gallery of New South Wales will know which high-profile architect has been entrusted with its future when an expert panel will select five of the visions to take to the next stage, with the winner announced in April.

Those invited architects – who have all accepted the challenge – bring a truly global flavour to proceedings, with two firms – SANAA and Kengo Kuma – from Japan, Renzo Piano from Italy, Herzog and de Meuron from Switzerland, RMA from India, Kerry Hill from Singapore and Tod Williams and Billie Tsien from the US among them.

With a reported budget of AU$450m and the celebrated firms on the shortlist, there’s no doubt the gallery’s board is looking for an exceptional design that will get the world’s attention. The existing Art Gallery NSW building dates back to 1896 and is a recognisable Sydney landmark, attracting 1.3 million visitors per year.

"The Sydney Modern vision for expansion and transformation is much more than just a building project," said Art Gallery NSW director Michael Brand. "The gallery is seeking ideas that will create an architecturally ambitious, intelligent, sensitive, sustainable and highly functional design."

The other invited architects are the UK’s David Chipperfield and Spain’s Nieto Sobejano. Three Australian architects are participating: Sydney’s Candalepas Associates.as well as Sean Godsell and Fender Katsalidis from Melbourne.