A new dual carriageway could link the M54, the M6 and M6 Toll road by 2012.
The new road would improve access between the M6 Toll and Shropshire
Macquarie Infrastructure Group - owner of road operator Midland Expressway - would meet the £102m cost of the link by refinancing the M6 Toll.
The company is volunteering funding for the new road, which would link the M54 Junction 1, M6 J11a and M6 Toll T8.
If planners approve the road - which would be free to use - £10m would also be spent improving access from the M42 to the southern end of the M6 Toll.
The Transport Secretary, Douglas Alexander, said it was a good deal for the taxpayer and would help tackle congestion in the West Midlands.
He said: "By using resources released from the M6 Toll's refinancing the Highways Agency will be able to speed up the construction of the new link."
John McGoldrick, coordinator of the National Alliance Against Tolls, said: "Motorists do not want tolls, and have been avoiding the M6 Toll.
"If the Government really wants to reduce congestion in the West Midlands they should buy out the company and remove the tolls."