Lester said Wellington City Council had already budgeted $60 million for the project in its long-term plan, but support from the regions would be a "huge boost".
"Wellington might not have been able to afford a major new arena on our own, but with financial support from the rest of the region we're much more likely to get this across the line.
Hutt City mayor Ray Wallace said the arena would be "a big feather" in the region's cap.
"We've all seen news reports of international acts heading elsewhere in the country because we don't have the infrastructure to support their shows. This will help us compete and will be a great thing for the local arts and culture scene."
At a meeting of the regional strategy committee today the mayors directed economic agency WREDA to undertake an investigation and report back by August .
WREDA will look at an arena of 8,000-12,000 seats, said Lester, who is chair of the committee.
The TSB Arena is currently Wellington's biggest indoor arena, with room for 5,600 concertgoers, including standing areas.