BBC News reports that work is expected to start on the site next year; the venue will have office and rehearsal facilities and a hall to seat 350.
The orchestra is scheduled to move in by the end of 2008. It will be the latest company to have a base at the Ô£106 million venue, which opened in November 2004. Welsh National Opera and Diversions Dance Company are among the arts groups already settled in.
BBC News quoted orchestra director David Murray as saying, "At the moment, we occupy a studio at BBC Broadcasting House in Cardiff that was built 40 years ago for an orchestra half the present size. The move to the Wales Millennium Centre means that, for the first time, we will have a state-of-the-art recording space with the opportunity to stage studio concerts involving the full orchestra, chorus and an audience."