The contract is part of a £762m framework with Colas and WSP also securing traffic signal and design services packages worth £26m and £98m respectively.
Work across the county is currently carried-out by the Lincolnshire Highways Alliance of Kier, Dynniq and WSP.
The new deal starts in April 2020 and each contract will initially run for six years with the option to extend for a further six years after that.
Around 250 provider staff will be affected by the changes and are expected to transfer to the new suppliers.
The contract award is expected to be confirmed at a council meeting next month.
Cllr Richard Davies, executive member for highways, said: “It was important to get the best possible deal for taxpayers, so we’ve put a lot of time and care into these negotiations.
“The new contracts will see significant investment in improved equipment and new technology at highways depots around the county, which will mean better road repairs going forward.
“The companies have also shown a willingness to use local suppliers and take on apprentices, meaning there will be wider benefits for our communities.
“I feel confident the executive will be able to award a contract at our meeting on 1 October, which would mean Balfour Beatty, Colas and WSP can start preparing for the start of the new contracts on 1 April 2020.”
“I would like to thank our current partners for their efforts in delivering highways services for the people of Lincolnshire over the past 10 years and look forward to seeing how the new contracts develop.”