Mayo County Council has approved proposals for a new Strategic Development Zone (SDZ) at Ireland West Airport.
Expressions of interest from companies will be sought in the coming weeks.
When fully completed, the proposed development would provide over 95,000 square metres of commercial, business and enterprise space, along with additional facilities for aviation development, conferences and hotel accommodation.
Mayo County Council says the SDZ would have the potential to accommodate over 4,000 workers.
The concept of designated development zones has been in place since 2000.
Planning applications can be fast-tracked when the Government designates lands to be of strategic national importance.
In the case of Ireland West Airport, this designation was given in May 2017.
If approved, the SDZ at Knock Airport would consist of an enterprise campus to cultivate new businesses, with a particular focus on "innovative industries".
The nearby aviation link is seen as central to the plan.