The new studios would be built near the world-renowned Elstree Studios.
Legal & General will develop its site and provide part-financing for the project.
It is planning to submit a detailed planning application early next year.
The new studios, ‘Sky Studios Elstree’, will house 14 sound stages, each 20,000 sq ft in size.
Sky’s new owners Comcast in partnership with sister-company NBCUniversal are behind the move.
The scheme will bring 2,000 jobs to the area and a £3bn investment in the UK’s creative production economy over the first five years.
Subject to planning consent the studios are expected to open in 2022 and will be able to facilitate the production of several films and TV shows simultaneously.
Once complete, the initial site will include production offices, a set construction workshop, a screening cinema and modern post-production and digital facilities.
Jeremy Darroch, Group Chief Executive, Sky, said: “Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world.
“We are proud to be working with our colleagues at NBCUniversal and Comcast, and our partners Hertsmere Council and L&G to bring this project to life.
“Together we share a joint vision to create a world-leading production capability that will support the creation of thousands of jobs in the creative sector. We can’t wait to get started.”