A committee comprising government officials, businessmen and academics approved 172 mile route, which passes through Lake Nicaragua, the largest lake in Central America, wire agencies reported.
The $40bn canal is to be constructed by Hong Kong-based HK Nicaragua Canal Development Investment (HKND) owned by Chinese telecoms businessman Wang Jin.
The route from Brito river on the Pacific side to the Punto Gorda river on the Caribbean was one of six possible routes. There is concern from opponents of the canal over the environmental impact it will have on Lake Nicaragua.
The canal will be 230m and 520m wide and 27.6m deep, according to HKND engineer Dong Yunson.
"This project is going to be the biggest built in the history of humanity. It will be an enormous help to the Nicaraguan people and for the world in general, because world trade will require it, we are sure of this," Wang told students at the Managua University of Engineering, Associated Press reported.
The canal is expected to take five years to build and be completed in 2019.
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