The intra-party group is expected to involve dozens of MPs from areas including the Black Country, Staffordshire, Shropshire and Warwickshire and is likely to be formally launched next month.
The Express & Star has been told it will aim to ensure they are better placed to raise region-wide issues with ministers, including pushing for levelling up funding and other investment.
"At the moment MPs are very good at speaking up for their own constituencies, but it is felt that there needs to be a more strategic approach when it comes to investment for the wider West Midlands," a source close to the group said.
"It is hoped the group can help to bridge that gap."
The group is expected to work with Andy Street, the Conservative Mayor of the West Midlands, as well as other bodies including LEPs and Midlands Connect.
Since the 2019 general election the region has had a considerable number of Tory MPs, including 10 of 13 constituencies in the Black Country and a full slate across Staffordshire and Shropshire.
According to the source, MPs believe that more collaborative working will help them to sift through huge volumes of information more quickly, allowing them to identify opportunities and put their case to ministers "in a more timely manner".
"With so much information and research coming through it can be tough for MPs working on their own to separate what is really important, and things that are time sensitive can be missed," said the source.
It is understood the group will be similar in organisation to the Northern Research Group of MPs, which was formed last year and has lobbied the Government over issues including the lockdown strategy and regional funding gaps.