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The news comes after U.S. President Joe Biden signed the CHIPS and Science Act into law in August, which included provision of $52.7 billion in subsidies for U.S. semiconductor production and research.
The act aims to revitalize domestic chip manufacturing and boost U.S. competitiveness with China.
Over the next 20 years, the project will generate nearly 50,000 jobs, with site preparation for the factory scheduled for next year, the report added.
Micron did not immediately reply to a Reuters request for comment.
Last week, the company warned of slowing demand for PCs and smartphones and said it planned to reduce investments by 30%.
