A fourth extension of the Nottingham tramline through Kimberly would cost £168m, a study has said.
And further extending the line to Langley Mill, Heanor and Ripley was “technically feasible” but would require further consideration.
Trams began running on the £570m extensions to Chilwell and Clifton last week.
The £55,000 feasibility study by Mott MacDonald for Broxtowe Borough Council looked at four potential routes to the retail park, site of an Ikea store.
It looked at a route under the M1 to Giltbrook Retail Park, via Kimberley, with a possible extension into Derbyshire.
Campaigners said it will bring investment into Kimberley but some businesses said the proposed stops are too far out of town.
It would extend west just under four miles (6.4km) from Phoenix Park on the edge of Nottingham, passing under the M1 and the potential HS2 line, which may run alongside the motorway.
The study suggests it would be at least six years until the trams would start running to Kimberley,
Andy Cooper from pressure group KENTAG, which has been campaigning for a tramline to the town, said there has been “massive support” for the extensions.
He said: “I think this area is crying out for investment - I think people want an easy access into Nottingham,
He added: “It will bring people into the town too.”