Work £345m, the project will deliver a dual carriageway A46 Bypass, providing two lanes in each direction, between the Farndon and Winthorpe junctions.
Skanska will now begin design works and subject to development consent being granted, work on site will start in 2025 for opening to traffic in 2028.
Works will also include the construction of a new five-arm roundabout at Winthorpe and traffic lights at Farndon junction to improve traffic flows during peak hours.
A new bridge will be built over the A1, and a flyover installed at Cattle Market.
The A46 Newark Bypass is an important route connecting the M1 and Leicester to the A1 and central Lincolnshire. This project will provide a more reliable and resilient road network.