Motherwell and Cumbernauld colleges said the merger could take place by early August.
They said a joint college would supply almost two-thirds of the further education provision in Lanarkshire.
While there are no job cuts planned, both institutions said there could be a chance for some staff to go through a voluntary severance scheme.
A spokeswoman for the colleges said: "Both organisations remain committed to their individual policy of no compulsory redundancies. There may be an opportunity for some staff to take advantage of a voluntary severance scheme."
The boards of both colleges have agreed to pursue the merger in line with the Scottish Government's Education Reform Agenda and said the newly-formed college would work with others in the area.