The highway would connect Interstate 65 near Lowell with Interstate 55 south of Chicago.
Indiana Public Finance Director Kendra York says the state will review the teams' qualifications and announce a short list of finalists that will be invited to submit final proposals. The Illinois Department of Transportation announced last month that it would review the qualifications of five teams.
Indiana Gov. Mike Pence and Illinois Gov. Patrick Quinn both support the project, saying it would promote economic development. Critics maintain the $1.3 billion road will have minimal impact on economic development and is too costly.
The highway still needs federal approval.