The proposed Thames Gateway bridge linking two banks of the Thames has been granted planning permission by Greenwich and Newham councils.
The bridge would be built in 2012
The six-lane super highway from Beckton to Thamesmead will cost £455m.
The government has pledged £200m and further costs for the project will be recouped through tolls.
Both local authorities have asked for assurances that residents will pay a reduced toll and the construction will bring jobs and training to the area.
Its co-ordinators have estimated that the bridge's construction will create up to 35,000 jobs in the region.
The plans will now be considered by the Mayor of London, Ken Livingstone.
He said: "These decisions mark the culmination of several years' work.
"I am delighted the London boroughs of Newham and Greenwich have offered their backing to this essential project."
Michael clarke, project director for teh bridge said the project was crucial to revitalising east London.
"These decision put us one step closer to providing a catalyst for regeneration, investment and job creation in the Thames Gateway."
The project however has met with opposition from campaigners who say it would damage the environment with congestion and pollution.
They say they will continue to call for a public inquiry.
If it is approved the bridge could open in 2012
The bridge will link Beckton with Thamesmead at Gallions Reach
The crossing is designed to have two lanes in either direction for cars and commercial vehicles
It will also have separate lanes, located on the western side of the bridge for public transport, pedestrians and cyclists
The proposed toll is £1 for local car users and £2 for others. Exemptions similar to the congestion charge will apply
The bridge could be upgraded to accommodate Dockland Light Railway or trams in the future