The Ross Bandstand in West Princes Street Gardens is expected to be demolished and rebuilt under new plans to be revealed by a leading hotelier.
Apex Hotels founder Norman Springford is to back the project with his own money in a joint venture with Edinburgh City Council worth "several million pounds".
The proposals for the West Princes Street Gardens stage that has showcased bands including Simple Minds, the Pet Shop Boys, Blondie and Madness are to be discussed by councillors on Tuesday.
A new concert and events arena could be built under the proposals.
The plan has been developed by Mr Springford, who offered to be a major benefactor for the project in partnership with the council.
Mr Springford said: "Whilst it has been a personal ambition to see redevelopment, the opportunity for this to become a reality arises from a real spirit of public/private co-operation. I'm sure we are all looking forward to be given the chance to deliver a project which the city can have pride in."
Council Leader Andrew Burns said: “Connecting the Old and New Town halves of our UNESCO World Heritage Site and in the shadow of Edinburgh Castle, West Princes Street Gardens offers one of Scotland’s most beautiful and iconic locations.
“Scores of famous acts have graced the Ross Theatre stage and while it remains a key venue for the city’s famous Festival Fireworks and Hogmanay Concert in the Gardens, it is more than 80 years old and is nearing the end of its useful life.
"It has been a long held ambition of the council to create a brand new facility as part of major renewal of the Gardens but is not, in the current financial climate, a project we could undertake alone."
He added: “Princes Street Gardens are a major source of residents’ pride in the city and it is important that we get any changes to the park right.
"There are a lot of considerations, from the fact the area is Common Good land to the implications of building in public parks, and so there is still much work to be done.”
The venue has a capacity of 2,000 and the current structure dates to 1935 but the original facility was a bandstand, built in 1877, gifted to the city by William Henry Ross.
Mr Ross was Chairman of the Distillers Company Ltd.
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