The wheels could be turning once again for plans to build a giant observation wheel on Staten Island's waterfront.

A Delaware judge Wednesday signed off on a settlement agreement that said the New York Wheel now has 120 days to either raise enough money to restart the project or cancel it completely.

The ruling also allows the New York Wheel company to hire a new contractor to finish the work.

The New York Wheel has had plenty of issues since it was announced in 2012.

Work on the project has been stalled since last May, after the contractor walked off the job, claiming New York Wheel owed the company money and blaming it for missing some deadlines.

The contractor eventually tried to file for bankruptcy and auction off some of the wheel's massive parts, but a judge prevented that from happening.

The wheel's four pedestals are the only parts still at the site.

So far, $400 million has been spent on the project, and at least $140 million more will be needed to finish the work.

If completed, the wheel would be the tallest in the world at 630 feet.


Photo above is an artist rendition of the New York Wheel.