A name for the new university has yet to be decided and University of Luton vice-chancellor Les Ebdon revealed there would be further debate before that decision was taken.
He said: "This is a fantastic opportunity for the region, for staff and for students and we plan to have the new university for Bedfordshire open for August 2006.
"Between then and now we will ensure all staff, students, stakeholders and friends of both institutions are involved in detailed discussions and have an input into shaping their new university."
He added: "The University of Luton has already played a significant role in the economic regeneration of Luton and now we have the opportunity to provide a much stronger involvement in the whole of Bedfordshire."
Professor Philip Tasker, vice-chancellor of De Montfort University: "The new university for Bedfordshire is an important development for the region, which is poised for major growth and opportunity, and builds on the significant strengths of the staff and academic excellence of De Montfort University's Faculty of Education and Contemporary Studies."
In a joint statement the universities added that the new institution would focus on the needs of local employers and partners in providing top-quality courses, in particular, in the areas of business, education and health.
The statement added: "The new institution will also take an active involvement in many of the major developments in the region. The two campuses in Bedford and Luton have benefited from a £20m-plus investment in the last two years alone and boast Centres of Excellence in Media and Sport. On this basis, a significant opportunity emerges for the institution to play an important role in the Olympic Games in 2012."
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