Aberdeen’s bid for a landmark City Deal will be approved in principle in the Budget today, it can be revealed.

The Press and Journal understands that ministers will formally confirm that they are committed to a package that local authority leaders hope could be worth close to £3billion.

Sources said last night that the region’s case for the special status had been “compelling”, and that they agreed that it would enable the north-east to build on its role as the UK’s energy capital.

The announcement – coupled with an eagerly-awaited rescue package for the North Sea oil and gas industry – paves the way for today’s Budget to be the most important for the region for years.

Deputy Prime Minister Nick Clegg revealed to the P&J in January that he hoped to make progress on the deals for Aberdeen and Inverness before the election.

It emerged on Monday that the Westminster government planned to sign-off a City Deal for the Highland capital later this year – and insiders said that the Granite City’s bid was even more advanced.

Formal talks will get under way with council chiefs in Aberdeen and Aberdeenshire, and the Scottish Government, “immediately after the Budget”.

The two north-east local authorities formally backed their proposals for a £2.9billion deal last week.

City leader Jenny Laing described it as “an opportunity on an unprecedented scale”.

The ambitious bid aims for nearly £3billion worth of infrastructure improvements over the next 20 years, coupled with an economic strategy focusing on securing Aberdeen’s status as a world energy city.

Both local authorities have also committed to capital investment plans totalling £1.4billion in the coming decade.

A total of 26 city deals have been confirmed across the UK since coalition government came to power.

Glasgow became the first Scottish city to secure the status last year, winning £1.2billion in UK and Scottish government funding, as well as loan money.

Each agreement is different depending on the needs of the local area, but all aim to provide extra levers to boost growth, including direct funding, greater borrowing powers, the ability to “earn back” tax from the Treasury, control of transport budgets and the ability to develop specialised skills programmes.