A £1.5million cash injection could provide a launchpad to regenerate Bletchley town centre.
Milton Keynes Council have bid for funding from the City Growth Fund for a series of infrastructure improvements to Bletchley Railway Station and other transport links.
On Friday, council leaders discussed plans which also include the proposed rail link from Bletchley to Oxford.
Councillor Rob Middleton, cabinet member for resources and growth said: “We are very hopeful that our bid with SEMLEP will receive the go-ahead on Monday.
“It was a strong bid that shows Government what a small amount of investment in a place like MK can unlock. To award us the much needed investment seems to be a no brainer.
“If we do secure the funding, then we will have a very serious think on how we can best use the money not just to deliver the single project, but how it can be the building block to a much bigger and needed regeneration of Bletchley.”
Discussions are at an early stage, but it signals a new determination to ensure older centres such as Bletchley and Wolverton are regenerated to bring extra jobs and prosperity to all of Milton Keynes.
Leader of MK Council, Councillor Peter Marland, said: “Working with our SEMLEP partners we can unlock pockets of funds, but we’re thinking bigger in terms of what MK Council can deliver.
“We have a real determination to put in place real regeneration plans that are affordable, realistic but deliverable.
“We are at an early stage as we’ve asked officials to think again on what we can deliver for our money.
“We’re committed to giving a fair deal to Bletchley and bringing jobs and prosperity to the area.”