Gordon Matheson, leader of Glasgow City Council, said the move would boost the economic development of the wider area, with the cash being spent on infrastructure projects.
George Osborne pledged support for what he called Glasgow's 'ambitious plan' in Wednesday's Budget speech. Under the proposed terms of the City Deal priorities such as infrastructure, strengthening the local labour market and support for business have all been identified.
Mr Matheson said: "This is hugely exciting and will be the first of its kind in Scotland. Our priorities are infrastructure investment, strengthening the local labour market, and support for business growth. I look forward to finalising the details in the coming months."