A micro-electronics project is earmarked for part of the former MG Rover car plant at Longbridge.
News of the proposed initiative, which, it is hoped, will get Government backing, was unveiled as business leaders in Birmingham set out their economic vision for the future of the west of the city.
It was announced by Birmingham University's Prof Michael Clarke, who chairs the Central Technology Belt, in a speech to a packed joint meeting at the Botanical Gardens put on by lobby group Birmingham Forward, Birmingham Business Breakfast Club and Calthorpe Estates.
It will be sited at the new Longbridge Technology Park in what is now the North Works.
Prof Clarke said: "We are hoping one of the key projects for the park will be a major micro-electronics initiative."
He declined to expand later except for saying it was at "a sensitive stage with the Department of Trade and Industry".
However Alan Folwell, chief executive of the CTB, said the project was effectively a "service centre" for industry involved in coatings, composites and ceramics.
The multi-million pound scheme, taking in the use of nanotechnology, would see companies going to the centre to use the equipment there to bring forward their own developments.
He confirmed they were looking for Government funds to take the plan forward.
Richard Allen, chief executive of Calthorpe Estates, one of the key partners in the CTB, stretching from Birmingham to Worcestershire, said more than £1 billion of investment was earmarked for the next five years.
Jewels in the crown include: n A £100 million University Science Park at Pebble Mill, Edgbaston nDevelopment of the nineacre Tally Ho! site opposite Warwickshire County Cricket Ground with apartments, shops and possibly a hotel nReplacing Edgbaston Shopping Centre with shops, offices and hotels in a £90 million scheme
Prof Clarke said: "It is only five years since Longbridge crisis No.1 - and it's out of that that the Central Technology Belt was born.
"We were thinking then the unthinkable of what the world would be like without a car industry at Longbridge."
The Longbridge Technology Park and a "town centre" for the suburb will occupy 58 acres owned by Advantage West Midlands.
The rest of the Longbridge site is owned by property developers St Modwen, with Nanjing acquiring the assets of collapsed MG Rover in July.
Prof Clarke said the technology park would link up with a similar scheme at Bromsgrove, the "flagship" science park at Pebble Mill, Aston Science Park and Qinetiq at Malvern.
And everyone was pulling together despite a "stand-off" for the last 150 years.
On one side Birmingham feared Worcestershire was trying to shut it out while Worcestershire feared " hungry" Birmingham was looking to snaffle parts of its land.