Tresham College of Further and Higher Education wants to build the new campus for 1,000 students on the site of the old campus in Wellingborough.
Plans for the new building, which has been approved by the Skills Funding Agency, go on show this week in the hope that the building project can be completed by 2015.
It is the final phase of a development plan that has seen new campuses built in Kettering and Corby.
The Wellingborough campus will continue to offer subjects such as construction, engineering and art and design and will be built around a central atrium.
The college is applying for planning permission at the end of the month, and a decision is expected by early 2014.
Simon Evans, chairman of Tresham College of Further and Higher Education Governing Body, said: “Tresham is currently ranked as the 12th most successful general further education college in the country.
“Following the successful rebuilding of our Corby and Kettering campuses, the redevelopment of our college in Wellingborough will enable Tresham to assert its rightful place as one of the top 10 FE colleges in the country.”