Milton Keynes Council is hosting an exhibition in week commencing November 30 at Bletchley and Fenny Stratford Town Council offices in Queensway to gauge public reaction to the plan.
The two mini-roundabouts, known as the B&Q junction, will be replaced with traffic signals. The work will require carriageway widening and additional filter lanes.
The existing gap on Watling Street west, near the Granby roundabout, will remain open and a new access will be created via the Granby roundabout to serve the southern part of Denbigh West industrial estate.
A Milton Keynes Council spokesman said the junction was an important one in Bletchley and was part of a key transport corridor between Bletchley, Milton Keynes Hospital, Stadium MK and Central Milton Keynes.
Cllr Alan Mallyon, cabinet member responsible for transport said: “Milton Keynes Council are moving forward with its plans to improve this junction. The problems with the junction have been evident for a number of years. Residents using the bus will find their journey times are less affected by delays at this junction”.
Work will start at the Granby Roundabout early next year and, when completed, work on the B&Q Junction will begin. Works are due to be complete by autumn 2010.
A local traffic management scheme will be in operation but delays will be expected at peak times. Motorists will be warned in advance so traffic can be directed via other routes, said the council spokesman.