Tory peer Lord Heseltine has vowed that major powers and funding will be devolved to the West Midlands.
The former Deputy Prime Minister said the region was next in line to see major powers shifted from Whitehall, after agreeing a multibillion-pound deal with Greater Manchester.
The deal would likely be reliant on a combined authority being set up - presently that is being held back by reticence from Solihull - although Birmingham and the Black Country have agreed terms.
However, it would mean a major step forward for the region in terms of having control over its own economy.
While a deal would have to be negotiated, it would likely mean the region seeing a business rates boost of something like £1.5 billion-plus, as well as control over billions of pounds more spending currently controlled from the capital.
With a General Election coming, little is known about who will be the decision-makers in 40 days' time but Labour shadow cabinet members have previously backed the idea of a "Midland powerhouse".
Lord Heseltine said: "There will be a negotiation. Everyone knows what Manchester has got but they also know what Manchester has done to get it.
"It is up to the leaders of the West Midlands to design their project and proposal in a way that central government can accept."