Four councils have submitted a bid to Government to create a new East Midlands mayoral combined authority.
The plans by Nottinghamshire CC, Nottingham City Council, Derby City Council and Derbyshire CC have been described as 'exciting' and 'ambitious' by the Government.
The councils are looking for greater funding and power over areas such as transport and infrastructure, business growth, inward investment, strategic regeneration, destination management, employment and skills.
Derbyshire leader Barry Lewis said: 'This is a huge opportunity to level up county areas like Derbyshire and Nottinghamshire that have been underfunded historically, and to bring powers from Whitehall closer to communities.
'The East Midlands has a big opportunity here to put itself on an equal footing to areas like the West Midlands and Greater Manchester, and to bring investment to our counties and cities.'
If approved, the first election for a regional mayor could be in May 2024.