If the Isle of Wight Council's city bid is successful, Newport could be renamed the City of Newport and Carisbrooke.
Councillors are planning on incorporating Carisbrooke in the name to avoid confusion with Newport in Wales.
An application to Buckingham Palace is due to be submitted in the coming weeks.
Queen Elizabeth II is expected to grant city status to a number of towns across the UK, as part of the celebrations for her Platinum Jubilee next year.
The civic honours competition will see the Island join the likes of Ballymena, Dunfermline and Southend-on-Sea in going for city status.
A motion to put forward a bid was approved in September. At the time, Cllr Martin Oliver said the accolade would bring much investment to the town.
Speaking to Beacon Magazine, Cllr Julie-Jones Evans said:
"We are about to put the submission in to The Palace for the City Status application and we are asking to be called City of Newport and Carisbrooke this incorporates the whole parish area and also means our post won't go to the City of Newport in Wales!
"Fingers crossed HM Queen Elizabeth II is impressed and we are part of her new cities for her platinum jubilee celebrations."
The bid is being submitted on behalf of the Isle of Wight Council, Newport and Carisbrooke Community Council and the Shaping Newport Steering Group.