Magee Medical College is to be located in Ulster University’s Magee in the city.
But the project has been dogged by repeated delays and funding problems.
It was due to open in 2019 until the Stormont stand-off scuppered the plan.
But the deal Stormont’s biggest parties have now signed up to lists the school among the new executive’s “priorities”.
The document, published by the British and Irish governments on Thursday, states: “The executive will expand university provision at Magee in line with commitments made by the previous executive, including through the establishment of a graduate entry medical school.”
Speaking to BBC Radio Foyle, Dr Malachy Ó Néill, Provost for Magee Campus, said he was “100% confident” that Magee Medical College will be open in 2021, if an executive is formed.
The deadline for student recruitment for the current calendar year has passed, but Dr O’Neil said next year is “absolutely achievable”.
“Everything is in place. Let’s just get on with it”, he said.
The Democratic Unionist Party (DUP) and Sinn Féin have both said they will return to government on the basis of the government’s proposals, which outline wide-ranging investment in public services, including the education sector.
The Northern Ireland Assembly is to be recalled at 1 pm today, Saturday, January 11, when MLAs are expected to appoint ministers to a new executive.
The deal, entitled ‘New Decade, New Approach’ states that both the Irish and UK government will aim to financially support the Magee Medical School and reach the 10,000 student number expansion target at Ulster University.
The Provost for Magee Campus said: “We have been engaging directly and successfully with Julian Smith and Simon Coveney and with all our local politicians.
“We have had a Foundation Dean in place for sometime, we have a curriculum in place, we have partnerships with our Western Trust and Trusts right across the region, he said.
“Everything is in place. Let’s get on with it”, Dr Ó Néill added.
As part of the overall Stormont deal, the Irish government has said it is willing, in principle, to contribute to capital investment to support expanded provision at Magee Campus.The only medical school in the North of Ireland at present is at Queen’s University in Belfast.
About 270 doctors graduate from it each year.
The expansion of the university in Derry and the opening of a medical training in school in the north west has long been regarded as a catalyst for economic growth in the region.
It is a central aspect of the city deal for Derry and Strabane announced in May 2019.
Derry has been earmarked for a second medical school because of the the shortage of doctors is particularly acute in the north west.
The Western Health and Social Care Trust – which serves a region including Derry – spent £27 million on temporary doctors, health professionals, nurses and admin staff during the 2017/18 financial year.
Speaking in 2018, Foyle MLA, Mark Durkan said: “People earn where they learn and the medical school in Derry would be a real game changer.”
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