The scheme, which has been on the table for more than 50 years, has been submitted by Northamptonshire County Council (NCC).
Officially called the A45 Daventry Development Link Road, the route will run between junction 16 of the M1 and the existing A45, just west of Weedon.
The new road will run parallel to the south-western side of the M1 for approximately 3km in a north-west direction to the north of the villages of Upper Heyford and Flore.
It will then head south-west joining the A5 at the new roundabout to the north of Weedon, before crossing the Grand Union Canal and the West Coast Main Line railway. It will re-join with the A45 at a new roundabout to the west of Weedon.
The total length of the new road is 5.5km.
If the planning application is given the go-ahead then work on the road is likely to start in the summer of next year.
The plans will now be determined by NCC’s own development control committee.
Daventry District Council and parish councils in the area will be able to have their say on the application before a decision to allow it or not is made.
It is thought the bypass would bring economic benefits to the Daventry district.
Anyone wishing to comment on the application can do so by emailing email@example.com or by writing to Planning Services, Northamptonshire County Council, Floor 3, Guildhall Road Block, County Hall, Northampton, NN1 1DN.