The Viking Land project, which will cost some 350m kroner ($60m), is expected to draw in up to 300,000 visitors a year once it opens in 2014.
"Nothing like this exists anywhere in the world. The project is unique" Odd Erik Salvesen, who is coordinating the project, told Norway's VG newspaper.
The park, which is being designed by Itec, a US theme park design company which does work for Disney will be built around the myth of the Yggdrasil, the giant tree from Norse mythology.
It will be divided into three zones: one centred on Asgard, the land of the gods, one on nature and forest, and a third on a Viking village.
The investors are looking for suitable sites near Haugesund airport, which takes four Ryanair flights a week from London's Stanstead airport.
The project is being promoted by the Vikinglandet Utvikling joint venture, and partly involves Caiano, the investment vehicle of shipping magnate Kristian Eidesvik.
Salvesen is looking at the village of Fosen, which is close to the E39 road, the Nordvegen History Centre (a museum about Viking life in the area), and the village of Avaldsnes, where many believe Harald Fairhair, the king who first united Norway is buried.