The 6.2km single carriageway project will improve connectivity between St Austell and the A30 and run through an area of China Clay quarries.
Including land purchase, the scheme is expected to cost £80m, with the design and build contract expected to come in around £60m.
Work is scheduled to start in spring 2020, with the new road opening in early 2022.
The project would form the third and final phase of the new connection between St Austell and the A30. It follows on from the A391 Carluddon road improvement scheme which was completed in 2015, and the earlier A391 project completed in 1997.
In addition to supporting residential sites, the scheme aims to support the regeneration of local towns including Roche, Bugle and Stenalees through the provision of complementary works to reduce congestion and current bottlenecks in these towns.