The new centre is one of three planned for the UK that will offer specialist training for health professionals and gym facilities for rehabilitation of athletes, sportspeople and disabled patients with chronic disease.
It will be run by a consortium of six university and hospital partners covering Nottingham, Leicester and Loughborough.
The proposed building will also provide accommodation and facilities for the University’s Health and Biosciences Department.
Subject to securing planning permission, Loughborough anticipates construction starting in January 2013. It would take approximately two years to complete.
Health Secretary Andrew Lansley unveiled the plan last January to build three centres to help people to be more active and treat injuries caused by exercise, as well as conditions associated with lack of exercise.
The proposals form part of the University’s long-term redevelopment strategy for the East Park part of campus.
As well as construction of the new building the University is also planning to carry out additional work in the area including further demolition of buildings and the creation of significant new landscaped areas around Martin Square.