Lincoln could get a university technical college in 2013, creating 500 to 800 places for young people.
Lincoln College, the University of Lincoln and Siemens are all involved in the joint venture which could create at least 20 new jobs in the city.
The college would be aimed at 14-19-year-olds, teaching core GCSEs with specialist options in science and engineering as well as apprenticeships.
University technical colleges (UTCs) are a new concept in education and students would not face any fees as with schools.
UTCs offer full time, technically orientated courses of study with an opportunity of progression into higher education or further work based learning.
A variety of locations for the new college are being considered, but with the idea in its initial stages, it remains unclear how much it would cost.
In 2013, Nottingham will have a UTC specialising in engineering, IT and science and Sheffield will have one focusing on advanced engineering and materials and creative and digital industries.
The bid looks at an opening date of September 2013 and Lincolnites are being asked to take part in a four question yes or no survey to express their views.