Passengers could be catching flights between Anglesey and Cardiff in just a few months, according to the assembly government.
Transport Minister Andrew Davies said the service could begin late in 2006 or at the beginning of 2007.
The route was included in the assembly government's transport review in December 2004 but requires approval from the European Commission.
A 20-seater jet could fly the route in under 40 minutes.
Mr Davies said new passenger facilities would have to be opened at Valley, which is also home to the RAF's training school for fighter pilots.
The scheme would dramatically cut journey times between north and south Wales.
At present, travelling between Bangor and Cardiff takes 4hrs 15mins by rail and even longer by road.
Anglesey council has strongly backed the proposals and was involved in negotiations over the commercial use of part of the RAF base.
The Forum for Private Business has warned the cost of a return ticket must be kept under £100 to attract a sufficient number of passengers and remain economically viable.
The assembly government will subsidise the service, which would be provided by a private operator.
Mr Davies also confirmed that the assembly government is in talks with airlines to establish services from Cardiff to the Middle East and the United States.