Historic Scotland is starting a community consultation process on the project for the southern face of the rock which rises above Johnston Terrace.
It follows a rock fall last August on the street but the agency said the move was not brought about as a result of increased falls.
The proposals will involve constructing a 9ft-high and 500ft-long barrier to form a protective area at the base of the rock on Johnston Terrace, to "further improve public safety".
The project will have two phases. The first phase will see the installation of a temporary barrier on Johnston Terrace during March, and it will stay in place during the development of a more permanent solution in the second phase.
Phase one will also include spray treatment to eradicate invasive plant growth which can, over time, loosen rock.
The design is to be finalised before consultation.
Barbara Cummins, of Historic Scotland, said: "Firstly, it is important to stress that this work is not in response to any increased risk of rock falls.
"This is part of a long-term strategy we have been rolling out over the last few years to improve the safety of the rock, which involves taking a proactive approach to minimising the potential for any loose rocks caused by erosion or weathering to reach the ground.
"These proposals will ensure our commitment to public safety around the castle is enhanced."
Ms Cummins added: "We are about to embark on a consultation process involving numerous community groups and stakeholders to inform them of the proposal and encourage their input to the wall's design."
It is anticipated that subject to planning approval the permanent solution will be in place by 2015.