The city council says 500 self-service bikes will be located across the city from April 2017.
A previous pilot scheme, which saw 70 bikes installed at 10 locations, ended in 2011.
Ramesh Patel, Cabinet Member for Transport, Planning and Sustainability, said: "The new scheme intends to be far larger that the initial pilot scheme.
"The bikes will be based at a number of easily accessed sites including hire stations at district centres, universities and other strategic locations close to existing public transport facilities."
The council wants to secure a provider to supply, maintain and operate the scheme, which it says, will be financed through sponsorship income and at no cost to the taxpayer.
'Boris bikes' were launched in London in 2010, with bikes being hired from any docking station using debit or credit cards. They can later be returned to any empty docking point.
The scheme has since been rolled out to a number of cities across the country.

Visitors to Jane Austen's House Museum, in Chawton, Hampshire, can view a rarely seen letter in which Austen says the novel is "my own darling child".
Also featured are illustrations first included in an 1894 edition, dancing slippers and first editions.
The Story of Pride And Prejudice exhibition is open until May.
The museum's Madelaine Smith said the enduring appeal of the novel is its perennial themes and that the "characters are real".
The museum will also stage a contemporary art exhibition of works inspired by Pride And Prejudice from June to September.
Another display later in the year of the original costumes worn in the 1995 BBC adaptation of the novel, will include the white shirt worn by actor Colin Firth as Mr Darcy when he emerged from a lake.
"We're not sure if we're going to have it on display wet, but if we do we'll have to spray it daily with water," Ms Smith said.
Cardiff is to get a public bicycle hire scheme based on London's "Boris bikes".
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A museum in the house where Jane Austen completed Pride And Prejudice has opened an exhibition as part of the novel's 200th anniversary celebrations.