The site was bought by ministers for £160m from previous developers Hitachi who abandoned plans for a new reactor in 2019.
The government is exploring building a gigawatt-scale nuclear power station, similar in scale to Hinkley in Somerset and Sizewell in Suffolk.
This new project would revive the nuclear history of Wylfa and bring thousands of jobs and investment to the area, boosting the local economy.
The government said the decision would kickstart talks with global energy firms to explore building the new power plant, which could provide enough clean, reliable and cheap power for 6 million homes for 60 years.
A decision on a third mega power station brings the UK closer to its target for a quarter of electricity to come from homegrown nuclear power by 2050 to strengthen the nation’s energy independence.
Energy Security and Net Zero Claire Coutinho, said: “We are powering ahead with the biggest expansion of nuclear energy in seventy years.
“Anglesey has a proud nuclear history and it is only right that, once again, it can play a central role in boosting the UK’s energy security.”
