The major infrastructure project will effectively act as a Newport bypass for traffic heading between Ryde and the West Wight and cut congestion and pollution in the town.
The year-long study is due to start this summer and the council is working with Hampshire County Council transport experts on it.
Leader of the Isle of Wight Council, Dave Stewart, has said:
“Spending money on this study is showing this council is ready and able to tackle major infrastructure issues on the Island surrounding traffic congestion, quality of life and pollution.
“There is much work to do to work up any plans, and we will need to secure funding and possibly land purchases, but this study is the start of what could be an ambitious and exciting project for the Island into the next decade.
“Everyone is fully aware Newport is plagued by congestion and this is potentially an excellent solution to ease traffic going through the town but also encourage sustainable transport.
“We want to build this bridge as soon as possible.”
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The Medina is on average 150 yards wide but it is likely that wherever the bridge is placed the structure would need to be much longer.
The study will look in detail at the exact location of any bridge, how it can be paid for through a toll or other means, the timings of the project, the potential environmental impact and funding issues.
The council said it would need to secure funding from central government and from Solent Local Enterprise Partnership LEP as the bridge would be part of the South East’s strategic road network.
Cllr Stewart added:
“We will consider the potential for the bridge to also have a cycle and walking path in addition to taking vehicles.
“Many Islanders recognise the need for us to address the impact of traffic congestion in Newport as well as improve our transport infrastructure generally on the Island and this is just what we intend to do.”
If the outcomes of the study prove the bridge is workable then the council is looking to secure funding and designs as soon as possible.
The council said the bridge was not intended to replace the Cowes Floating Bridge, the latest version of which has so far has cost over £5million.