HS2 chairman Sir David Higgins told councils the station's site would be either Toton, in Nottinghamshire, or Breaston, in Derbyshire.
He said the delay in naming the hub's location was "unsatisfactory" for those affected in both areas.
Nottingham City Council leader Jon Collins said Toton was the favoured site among all local authorities.
He said they are waiting for the green light so planning can begin.
Sir David said: "I understand concerns about people, and the blighting of their homes, it's something that's very unsatisfactory.
"What I don't want to do is give people a direction and find it all falls apart in a year's time and we have to come back to an alternate location."
In 2013, Toton became the government's first choice as the East Midlands' hub for its HS2 high-speed rail network.
However, in October, Breaston was also explored as an option despite a report rejecting the idea in March 2012, due to it being on green belt land and also a flood plain.
Toton was thrown into doubt because of the cost, as a tunnel would have to be constructed under East Midlands Airport.
However, despite rows over the location, Mr Collins said there was now a "clear consensus involving all the local authorities" on Toton being the best option.
The location of the East Midlands' HS2 hub will not be decided until early summer, it has been announced.