Business leaders have called on West Midlands councils to get their acts together to form a new combined authority - and bring in an elected mayor if needed.
Talks are taking place between authorities in the region over creating a combined authority to devolve billions of pounds of spending power to - although Solihull Council remains reticent.
Business leaders in the region say potential investors need certainty over transport and infrastructure and councillors risk holding the region back unless progress is made.
Chancellor George Osborne has said he is prepared to offer major cities more powers than ever before - but only if they bring in metro mayors - and business leaders say this is a price worth paying.
Birmingham Chamber president Greg Lowson said: "Now is the time for the component parts of the West Midlands to work together to grab this tremendous opportunity being offered by the Government.
"And we urge them to think carefully about the added value of having an elected mayor.
"The Chancellor has made it abundantly clear only cities that have an elected mayor will be given control of local transport, housing and skills.
"Birmingham's electorate rejected the idea of an elected mayor for the city alone, as Manchester did, but a mayor could unlock even more resources for a combined authority."
A Cities Devolution Bill will be in the Queen's speech later this month and leaders of Greater Manchester's ten councils have already agreed to the area's first mayoral election.
It will open up greater power over transport, skills and infrastructure, allow regions to set their own priorities and boost spending power through keeping business rates.
An agreement is in place between authorities in the Black Country and Birmingham to form a combined authority, a prerequisite of devolution, but Coventry, Solihull and some surrounding smaller authorities are yet to sign up.
Solihull's new Conservative MP Julian Knight told the Post: "Essentially, nothing has changed for Solihull, we have known for a while Manchester has been travelling in this direction.
"We are happy to co-operate with Birmingham on areas such as transport, economic development and infrastructure, however Solihull is a proud independent town with one of the most efficient councils in the country.
"As for metro mayors, it will be interesting to see how that works out in Manchester and what lessons can be drawn for our region."
The Post understands there is little appetite among any of the council leaders involved in discussions to bring in a metro mayor.
However, with Greater Manchester having already agreed a historic deal which will see billions of pounds of spending power taken over, there are fears about missing the boat.
Ian Cornock, lead director for the Midlands region of JLL, said: "George Osborne is clearly committed to devolving more powers to the regions and it's good news to hear from Sir Albert Bore that Birmingham is only weeks away from progress on a combined authority.
"This can't happen soon enough. Investors don't see boundaries, individual cities or authorities. They look at a region and key indicators for growth such as an integrated transport system, investment in infrastructure and a strong skill base.
"A West Midlands-wide authority would enable us to direct money to these areas with greater clarity and support key business clusters which can bring about innovation and growth."
Mr Osborne said there was a "once in a lifetime" opportunity for change in the way the country was run with "radical devolution to the great cities of England".
He added: "London has a mayor, Greater Manchester has agreed to have a mayor as part of our Northern Powerhouse.
"This new law, at the heart of the Queen's Speech, will make that happen. I will not impose a mayor on anyone but nor will I settle for less."