Warwick District could be in line for millions of pounds of investment to create a ‘spine road’ to the M40, links to Birmingham Airport and a relief route round Stoneleigh.
Major plans also include road upgrades between north Leamington and Kenilworth, and work on the planned creative quarter in Old Town.
A bid for £150million of national funding has been put forward by the Coventry and Warwickshire Local Enterprise Partnership (LEP) to help deliver the projects.
If granted, the boost could also attract £325m of matched funds from public and private investors to boost the pot.
Announcing the bid, Andrew Mobbs, leader of Warwick District Council and LEP board member, said it could be unprecedented boost for the economy and tourism.
“This would bring major investment into our district and I am delighted on work done so far to produce this,” he said.
“A lot of time has been spent and some of our key strategic ambitions for the district are reflected in the bid.
“We now need to wait, but are hopeful of good news.”
Proposals, drawn up by the LEP and council officers, detail changes to the A452 corridor south of Leamington and Europa Way to the M40 - the section which will become a dual carriageway to accommodate an increase in vehicles.
Funds would also secure a link road from the A46 at the Stoneleigh junction to the M42 to connect the district with Birmingham Airport and provide a new ‘front door’ to Warwick University.
The upgrades would then help take traffic out of Kenilworth and allow for a link road around Stoneleigh Park to remove congestion in the village.
Also planned is completion of the digital hub and creative digital quarter in Leamington’s Old Town and a research lab as part of a low-carbon centre at Stoneleigh Park.
Jonathan Browning, chairman of the Coventry and Warwickshire LEP, said: “We are pleased to have submitted a comprehensive bid to Government to put our case forward to secure the next round of Growth Deal funding to help Coventry and Warwickshire achieve its real potential.
“The bid submission was strengthened by all the contributions we have received during the development of our local Strategic Economic Plan.
“We look forward to sharing further details of the bid in due course.”