The Millhouse roundabout which joins the A57 and A60 with Newcastle Avenue and St Anne’s Drive could undergo improvements from 2015.
Plans involve converting the roundabout to traffic signal control to reduce traffic delays.
Signal controlled pedestrian and cycle crossings would also be installed.
The project has been allocated funding by Notts County Council and the D2N2 Local Transport Board.
It has been recommended to the Department for Transport along with six other schemes across Derbyshire and Notts.
The total cost of all schemes is more than £67 million.
“The provision of key infrastructure is one of the four cornerstones of the D2N2 Strategy for Growth and confirmation of these six schemes is an important milestone,” said David Ralph, chief executive of the D2N2 Local Enterprise Partnership who also sits on the Local Transport Board.
“This will facilitate significant jobs growth as well as easing certain congestion bottlenecks across the whole of the D2N2 area.”
“The D2N2 Local Enterprise Partnership will continue to work with all the councils and Local Transport Board to try and bring forward further important infrastructure projects as quickly as possible.”
The D2N2 Local Transport Board is made up of 12 voting members from Derbyshire County Council, Notts County Council, Nottingham City Council, Derby City Council, and Derbyshire and Notts district and borough council representatives.