The Treasury has agreed to provide £50m towards the single carriageway project, with £13.6m coming from Lincolnshire County Council and £32m in developer contributions.
The new 8km stretch of single carriageway road will join the current A46 bypass near Bunkers Hill, then loop around the city to the A15 at Bracebridge Heath.
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The long-awaited project is due to start construction in 2015 and is intended to ease congestion and free up acres of land for development.
The project was originally planned as a dual carriageway but was downgraded to a single road during spending cuts.
