The publicly owned, commercially funded broadcaster will open its new headquarters in Leeds after the Leeds City Region beat off competition from Birmingham and Manchester.
Earlier in the process, Sheffield and Hull had also been in the running.
The Leeds bid was on behalf of the Leeds City Region, which also includes Kirklees, Calderdale, Bradford, Wakefield and York.
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300 jobs will be relocated from London as part of the plans.
At a meeting earlier this month, members of the West Yorkshire Combined Authority said they believed the benefits such a move could bring to Yorkshire could be “incalculable”.
Roger Marsh, chair of the Leeds City Region enterprise partnership, said: “It would be a huge win for the city of Leeds. It would also be a great achievement for the wider city region.
“Channel 4 was set up to be different. And coming to this part of the country is something very different.”