The winning company will be able to run the route for three years before having to re-apply.
Last December, the government approved a maximum expense of €7.8 million over the 36 months of the concession, which will be awarded to the lowest bid.
Portimão Town Hall has said it would still undertake the work which is necessary at the Alvor Aerodrome to secure the route, but Mayor Isilda Gomes explained that it will be of little consequence to tourism in the region.
Earlier this year, it was announced that the route would be opened by 1 June.