Talks are under way for the first degree course to be taught on Guernsey.
The Guernsey Training Agency have been working with Bournemouth University to offer a foundation business management course and are awaiting final approval.
Students will benefit from tutors and lecturers from the university, with the option to complete a BA Honours degree on the island or at Bournemouth.
It is expected most people would study part-time avoiding the need for student loans, while stimulating the economy.
At the moment, anyone from Guernsey wanting to study a degree has to travel to the UK or France.
Chief Executive Richard Condor said: "We're awaiting final accreditation, but everything is in place, it just needs to be validated.
"The degree would enable people to study part-time and graduate with a foundation degree, or continue for two years on Guernsey to get a BA honours, or go to Bournemouth for a fast year, getting the university experience."
Guernsey Training Agency is hoping that once validated the first intake of students will be September 2010.
The agency is also hoping that following this pilot, it might be possible for them to introduce other degrees including finance and law.
"The key thing is that there will be no travelling, accommodation costs or student loans. Most people will be in work."
The cost of the courses would be agreed by Bournemouth University and would fluctuate depending on the number of students enrolled.
The Guernsey Training Agency currently teaches a variety of short business and finance-related courses, as well as an Masters degrees in business and management.