The 900,000sq ft scheme is planned for the East Midlands Distribution Centre on the site of the former Castle Donington power station.
Marks & Spencer has signed a lease with Derbyshire property firm Clowes Developments.
Plans were submitted this month with a decision due in November ahead of a planned construction start by the end of this year.
A spokesman for Marks & Spencer told the Derby Telegraph: “I can confirm we have agreed a lease on a distribution centre in Castle Donington, subject to planning consent.”
The deal could also accelerate construction of a rail terminal in Castle Donington.
Marks & Spencer intends to bring in much of the stock by rail and work to create a rail link to the site is scheduled to start in January.
Use of rail is part of Marks & Spencer’s plan to make its operation as environmentally friendly as possible.
If approved, the building would include recycled and recyclable materials.
Roofs would capture rain to reduce water consumption and the designs allow that solar panels could be fitted.
The Marks & Spencer spokesman said: “The scheme is subject to planning consent being granted and, all being well, we intend to start construction this year.
“It is too soon for us to give an exact time for completion but we expect the centre to be up and running at some point in 2012.”
A joint venture between Clowes Developments and Solihull firm First Industrial Developments would construct the warehouse before it was handed over to the retailer.