With the local authority having chosen Cranfield University as the lead higher education provider, an 18-month feasibility study will be carried out to consider the planning, design and financing of the new university.
The MK:U university will be developed in partnership with business and prepare students for the future world of work. It is estimated that around 5,000 students will eventually study at MK:U, with the first cohort arriving in 2023.
Cranfield's educational, technological and industrial partners on MK:U include Grant Thornton, MK College, Microsoft and Tech Mahindra.
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Overall, the university will be designed as an education institution for the 21st century, delivering a STEM-focused undergraduate curriculum in key areas including digital, cyber, autonomy, robotics and artificial intelligence.
Professor Sir Peter Gregson, Chief Executive and Vice-Chancellor of Cranfield University, said: "We look forward to working closely with Milton Keynes Council to create a smart university for a smart city.
"Cranfield is one of the UK's most business-engaged universities and we already have strong links with Milton Keynes. I am delighted that, together with our partners, we will be helping to deliver the exciting vision of a new university for the city."
Council Leader Peter Marland said: "For a long time, we've held aspirations for a bricks and mortar university in MK to attract talented young people and for local students to attend, and this is a significant step towards the creation of MK:U.
"Through the MK Futures 2050 process, we identified how a university focused on technology could benefit our economy, especially coming alongside the development of the Cambridge-MK-Oxford corridor which also holds great promise.
"This will be the first university anywhere designed as a response to the challenges facing cities today and in the future. We're delighted to be entering this next chapter with Cranfield University."
(LM)
