The move is subject to planning permission, but if approved it will begin next year and should be up-and-running by 2017.
Edrington said the new distillery will help meet spiralling demand at home and abroad as Scotch has become so popular in emerging markets that exports add £135 to UK coffers every second.
Chief executive Ian Curle said: “This is a confident investment in the future of The Macallan and its home on Speyside. Our plan for the estate includes a contemporary distillery that embodies the international style of The Macallan and builds on the brand’s tradition of quality and craftsmanship.
"As this long-term investment develops it will bring significant employment and economic benefit to the local community.”
The new distillery and visitor centre will be designed by Rogers Stirk Harbour + Partners.