Council documents confirm the Government expects the first election to take place in slightly less than two years, with the role to be the first of its kind in the region.
It follows ongoing talks about a potential mayoral combined authority covering the four areas, with plans coming as part of new ‘county deals’ for devolution.
Council leaders in the four areas have been in negotiations with ministers in recent months, focusing on six key areas for the potential deal.
These include education and skills, transport, infrastructure, strategic planning, health and the environment.
Leaders expect the negotiations with the Government to conclude by the autumn and a deal to be agreed later this year, in time for the potential mayoral election in 2024.
Documents state this is the expected timeframe, permitting the Government passes relevant legislation in the Levelling Up and Regeneration Bill.
If all negotiations and legislation go to plan, it could see billions of pounds pumped into the region and give local leaders more decision-making powers on major projects.
The mayoral post would control a new combined authority, which would include councillors from the county and city councils, with funding directly from Whitehall.
The combined authority would also govern about 2.2 million people, making it one of the largest in the country, while the mayor would hold similar responsibilities to Andy Burnham in Manchester.
Documents published by Nottinghamshire Council state: “The Government’s aim is for a number of devolution deals to be agreed in principle by autumn.
“Minister Neil O’Brien indicates the first mayoral election would be likely to be held in May 2024.”
If the mayoral election is held in May 2024, it is likely to take place on the same day as the next General Election.
Coun John Clarke, Gedling Council leader, said: “This is about peoples’ lives. It could be very good because, instead of bidding to the Government for funding, we will be bidding to the mayor’s office.
“Hopefully that makes us a damn sight more successful than we have been with the Government in the past.”