It will replace the Log Flume at the Staffordshire theme park and at its height would be 16 metres above the ground level.
The Mexican Cantina would also be demolished to make way for the attraction. It would also feature a shop, games unit and a new food kiosk.
Park bosses are simply referring to the rollercoaster as Secret Weapon 8 but a permanent name has yet to be confirmed.
Documents submitted to Staffordshire Moorlands Council state that the timber ride will have a maximum height of around 33 feet above the existing ground, indicating a family target audience. It has been scheduled to open in 2018.
Planning documents state: "To enhance the offer at the resort, it is proposed to remove the now dated log flume attraction and install a new rollercoaster to the west of the Congo River Rapids ride. The proposed new coaster will be contained outside of the woodland area (located to the south of the application site) on a previously developed area.
"As part of the proposals, the log flume and associated theming will be removed; however its footings will be retained in order to not adversely affect the existing trees which are now well established in this area. Following the removal of the log flume structures, this area will be returned to natural woodland."
A design and access statement adds: "Alton Towers has discussed the proposed development with planning officers at Staffordshire Moorlands District Council, including a site visit with the tree officer. The key objective has been to provide a rollercoaster within the existing developed area of the Park that will have a minimum impact on its surroundings."
Recently the park unveiled a new 'rollercoaster restaurant' while the Smiler ride reopened earlier this year following the notorious crash in 2015.