It is hoping to construct a 130,000 sq ft building consisting of four lecturer theatres, six laboratories, an anatomy and dissection room – including 3D virtual reality tables – and mortuary.
The plan also includes a clinic with consulting rooms, which would focus on older people’s medicine.
Its provisional development timetable will see planning submitted to Cheshire West and Chester Council by Christmas.
Subject to approval construction could get underway by Spring 2019 with the new building commissioned in 2021.
Professor Tim Wheeler, the University’s Vice-Chancellor, said: “The NHS at a local and national level is a key part of the University of Chester’s activities.
The University is now being given a rare and privileged chance to join an elite of 32 higher education institutions with a medical school.
“This is a significant move for the University, but more importantly, it is a potentially life-changing development for the population of Cheshire, Wirral and Shropshire, three of the few areas of the UK that currently lack a medical school, ensuring a continuing supply of GPs and other highly trained physicians.”
Development, construction and equipment is expected to require an investment of £40m.