North Somerset Council will consider entering talks to join the West of England Combined Authority.
Officers have recommended that the council asks for government support to establish a new devolution deal with the region.
North Somerset warned last week it was in a ‘financial emergency’ and needed to fill an £11.6m budget gap to avoid issuing a Section 114 notice.
Council leader Mike Bell said: ‘North Somerset, like many parts of England, has missed out on the opportunities of devolution.
‘Now is the right time for us to seize them and help grow our economy, create new jobs and build enduring partnerships with our neighbours.’
North Somerset rejected the West of England devolution deal in 2016, after a report warned it could be forced to deal with a ‘Bristol-centric mayor and combined authority acting against the interest' of the council.
A new report to the council’s executive says the abolition of local enterprise partnerships meant the local authority would lose out on the ‘hundreds of millions of pounds’ it had received over the past decade.
According to the report, the Government has made clear that the council would only be able to access similar funding through devolution.
