Coventry City Council will enter a joint venture partnership to develop proposals for a gigafactory at Coventry Airport and submit a planning application later this year.
That will take place alongside discussions with battery suppliers and automotive manufacturers to secure the investment needed.
The project is forecast to attract up to £2 billion of investment to the region and create thousands of jobs.
It aims to make West Midlands more attractive for investments – the region is already home to several automotive manufacturers, including Jaguar Land Rover, Aston Martin Lagonda, BMW, LEVC and others.
The airport site, which has already been endorsed by West Midlands Combined Authority, could accommodate up to 4.5 million square foot of commercial space, making use of the large areas of existing development.
If plans are successful the facility could be operational by 2025.
Councillor George Duggins, Leader of Coventry City Council, said: “Coventry Airport sits at the heart of this powerful automotive research cluster and is the obvious location for a UK gigafactory. It will immediately plug into a mature automotive supply chain and skills eco-system.
“The green industrial revolution is coming, and I will continue to work tirelessly to ensure that Coventry is right at the heart of it.”