Worcestershire Parkway station has been proposed close to junction 7 of the M5.
The government has set aside a total of £20m to pay for 75% of the cost of either building or renovating stations in England and Wales.
The county council has until 25 February to submit its bid for the fund, which is managed by Network Rail.
The Conservative-led authority has said it wants Worcestershire Parkway completed by summer 2016 if it is given money from the New Stations Fund.
The plans form part of the Worcester Transport Strategy, which requires £200m of investment.
Worcestershire County Council is to bid for £7m of government money to go towards the construction of a third railway station in Worcester.