The proposal, dubbed Hornsea Three, would create a complex that would be the "world's largest offshore wind farm", Dong Energy said.
Hornsea Project One, which is being built 75 miles (120 km) out at sea, is expected to be operational in 2020.
The RSPB has previously voiced concerns about the "high collision risk for seabirds using the area".
Brent Cheshire, Dong Energy UK's chairman, said moving forward with Hornsea Project Three "underlines our commitment to the UK offshore wind industry."
An application for consent to build Hornsea Project Two was submitted to the Planning Inspectorate in January last year. A decision is expected later in the year.
The energy firm said it expected to submit a planning application for Hornsea Project Three in 2018. If approved, construction was anticipated for sometime between 2022 and 2025.
Dong Energy has already built the Westermost Rough wind farm which consists of 35 turbines located 16 miles (25km) off the Holderness coast.

Shock 2015-16 Premier League winners City also have a Champions League last-16 tie with Sevilla on the horizon.
Rams assistant boss Powell told BBC Radio Derby: "The season they had was quite unique, it won't happen again.
"They're now having their Champions League excursion and that's something we aspire to."
Powell, who reached the quarter-finals of the FA Cup as a Derby player in 1997, ended his career with Leicester in 2010, before briefly being part of the Foxes' coaching staff.
He is excited by the prospect of facing the Foxes on Friday and said their current struggles, coupled with Derby's home advantage and impressive form in the Championship, made the televised tie a tight one.
The Rams have lost just three of their matches since Steve McClaren became boss in October, while Leicester have lost 11 of their 22 Premier League matches this season.
"It's going to be some game," Powell added. "People may say Leicester are the favourites. But with home advantage, and what Leicester are going through, it's an opportunity for us to take advantage."
After stints in charge of Charlton and Huddersfield, Powell returned to Derby in May as number two to Nigel Pearson and retained that role when McClaren took over.
Having been a player, coach and caretaker-manager of both East Midlands rivals, Powell said he could see parallels between the clubs.
"For passion, and for supporting your team, they are very similar," he said prior to the fourth-round tie at Pride Park. "Up until quite recently, their history was kind of similar as well.
"But of course Leicester have surpassed what most clubs, apart from the traditionally big clubs, have done."
A public consultation into plans for a third offshore wind farm off the East Yorkshire coast has started.
[NEXT_CONCEPT]
Chris Powell hopes Derby County can emulate his ex-club Leicester City's achievements as the East Midlands duo prepare for Friday's FA Cup meeting.