The proposals, which will go before the board of the South Yorkshire Mayoral Combined Authority (SYMCA) on Tuesday (27 October), would see the authority acquire the airport and neighbouring Innovation Quarter land.
There would also need to be approval from City of Doncaster Council and the airport's current owner Peel Land.
South Yorkshire MCA said it was close to realising a wider South Yorkshire Airport City vision, creating a hub for sustainable aviation, advanced manufacturing and innovation.
It said the deal, if approved, would provide the long-term control, certainty and flexibility needed to create thousands of jobs and attract private investment, as well as bring passenger services back to the airport.
Last October, Mayor of Doncaster Ros Jones said she wanted to see bookings being taken for services departing DSA "before the end of 2026" for flights and holidays departing DSA during the 2027/28 winter season.
DSA closed in November 2022 but there has been a coordinated campaign comprising the South Yorkshire Mayoral Combined Authority, City of Doncaster Council, local MPs, government and other partners to reopen it.
The authority said many aspects of the necessary groundwork have been completed, including recruiting senior aviation leaders, securing an operational partner, progressing regulatory hurdles such as airspace change proposals and making critical procurement decisions.
Currently, SYMCA states cargo and freight services are planned to return in autumn 2027, and passenger services in spring 2028, a touch later than Councillor Jones's initial outlook.
'The people's airport'
South Yorkshire Mayor Oliver Coppard said: "Subject to formal approval of the MCA board next week and then Peel, we’ve agreed a deal that means we’re taking Doncaster Sheffield airport and adjacent Innovation Quarter employment land into public ownership.
"This is a deal that puts the future of DSA back in our hands and finally gives one of the biggest and best growth opportunities in South Yorkshire the platform for long-term success that it needs and deserves.
"Four years ago, we were told our airport would be closing. But alongside Ros Jones, I said I would do anything I could to save DSA, and I meant it. When the airport closed, almost everything was against us; the owners did not want to sell, we had no legal powers to intervene or stop the airport from closing, and no backing from the government at the time. Today, the future for DSA is bright."
Jones added: “Fully reopening this airport is my number one priority and with the backing and support of South Yorkshire, this deal will make that become a reality. This is the right option for the airport – to get it into public ownership and reopened as soon as possible. This deal presents an amazing opportunity to get the people’s airport open again."