The development would see a number of derelict buildings surrounding Northern Studios brought back into use to create pre and post production facilities.
Subject to planning permission, work is likely to begin in a matter of months, Hartlepool Borough Council said.
The town already has a foundation to build on having been used to produce feature film Jackdaw, the BBC comedy Smoggie Queens and ITV dramas.
North East Screen chief executive Alison Gwynn said the development of the studios will allow the region to attract more productions.
"The North East continues to be the fastest growing region for TV and film, and projects like this will only strengthen our ability to host global productions," she said.
