The joint venture (JV) will consider options in a £512,000 study to create an 'Expressway'.
The study will also extend to the A34 as far as the M4.
In particular, it will look at making use of existing roads and considering the case for filling missing links.
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The study is part of the government's Road Investment Strategy commissioned by the Department for Transport.
It will looks at some of the fastest growing towns in the area, housing growth and how improving the infrastructure can support the growth of these towns, bringing wider economic benefits.
Road Minister Andrew Jones said: "Roads are key to our nation’s prosperity. For too long they have suffered from under investment. That is why as part of our long-term economic plan we are investing a record £15 billion in our roads programme.
"Improved road links between Oxford and Cambridge will allow hardworking families to have better access to jobs, shops and leisure facilities."
The study is due to be completed by Autumn 2016.
(LM/CD)
