Universal is on the verge of securing a deal to build what could become Europe's largest theme park on a 500-acre former brickworks site near Bedford.
The American media giant Comcast, which owns Universal, is close to finalising terms that would transform the industrial land into one of Europe's premier tourist destinations.
An announcement could come as early as next week, according to sources close to the negotiations which have been ongoing since last summer.
Officials have been accelerating efforts to secure the deal over recent weeks.
The theme park would be modelled on the rollercoasters and experiences at Universal's parks in Orlando and Hollywood
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The scheme could generate nearly £50bn of economic value to the UK over its first twenty years, according to analysis by Universal Destinations & Experiences.
The theme park and resort is expected to support 20,000 jobs in total. Nearly half of these would be direct employment, with the remainder providing services to supply the site.
The UK Treasury stands to gain an additional £14.1bn in tax revenue during the twenty-year period.
The developers anticipate millions of visitors annually, with approximately one-third coming from overseas.
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The Treasury has been negotiating with Comcast about a package of incentives known in Whitehall as "Project Nectarine".
These include improvements to local road and rail infrastructure to support the development.
The deal would be a significant win for Chancellor Rachel Reeves, who is seeking positive economic news after recent setbacks.
It represents a major new commitment by a US company to the UK, where Comcast already owns Sky broadcasting group.
Government sources have stated that talks are "ongoing and nothing is agreed" yet.
Although not directly linked, the planned theme park would tie in to the government's wider ambitions for the Oxford-Cambridge Arc region.
This includes the delivery of the East-West Rail route and an expansion of Luton airport announced this week.
The Luton airport expansion is seen as key to increasing transport links to the site. The Government announced earlier this year it was backing the Oxford-Cambridge growth corridor.
The Universal theme park would provide fresh momentum for this project, according to supporters of the initiative.
The Luton airport expansion is seen as key to increasing transport links to the site
GOOGLE MAPSThe development work for the theme park could take as long as six years to complete. The land is already designated for economic development.
The theme park would be modelled on the rollercoasters and experiences at Universal's parks in Orlando and Hollywood.
Comcast has acquired the land but has not yet fully committed to the scheme.
Executives have previously warned that the group could find alternative sites in other European countries if terms aren't favourable.
The Department for Culture, Media and Sport is the Government sponsor for the project.
