The Center will also assist NASA in selecting a corporation to construct the craft and will help select specific instrument designs from proposals submitted by universities and institutions across the country.

Each proposal will receive anywhere from $10 to $50 million in funding. Tananbaum said, adding that NASA and the Center will judge the proposals based on technological and pragmatic approach merits.

Scientists at the Center have submitted four proposals, he added. "I'm optimistic that some of them will be accepted," he said. "We'll definitely play a major role because of our unique position, but the scientists [at the Center] will play a much bigger role if selected in the competition."

"There is a healthy degree of competition," MIT's Canizares said, adding, "Its good for the field. You cannot think you're the only shoe in town, and I don't mean just on the Charles either."

The Satellite will be commercially built once the scientists reach a final design.

While in orbit it will undergo Space Shuttle service calls to allow it to periodically receive new, state-of-the-art technology.