The government has announced a £1.14 billion deal for the East Midlands to cover Derbysire, Nottinghamshire, Derby and Nottingham.
The deal includes a guaranteed income stream of £38 million per year over a 30-year period for the region.
The East Midlands combined authority would be one of the biggest in the country, with an area home to around 2.2 million people.
The city and council leaders in Derbyshire, Nottinghamshire, Derby and Nottingham have already signed up to work on the deal with the government.