A devolution proposal for a Hull and East Yorkshire Mayoral Combined Authority is set to be submitted to the levelling up secretary.
If the proposal is approved, the new authority could be established this autumn.
Hull City Council and East Riding of Yorkshire Council said devolution created an opportunity to build on their ‘long and successful history of partnership working’.
A level 3 devolution deal for the region, which would provide £400m of investment funding over 30 years, was announced in last year’s Autumn Statement.
Projects in transport, flooding, coastal protection, brownfield land, and green skills would gain new investment.
The councils said an eight-week consultation saw ‘broad support’ for devolution to the area, with 5,800 people sharing their views.