In his Autumn Statement, Chancellor George Osborne said the creation of a City Deal would "help make Glasgow one of the fastest growing City Regions in the UK".
The scheme means cash invested by councils is "earned back" through income tax, corporation tax, VAT and PAYE contributions.
Greater Manchester has generated a local contribution of £1.2 billion to a £2bn transport fund, to expand the area's tram network, while Leeds and Sheffield are putting together City Deals.
A list of potential projects which could be funded is understood to prioritise transport projects, including improved links to Glasgow Airport.
As well as Glasgow, the areas to benefit from the City Deal include North Lanarkshire, East Renfrewshire, Renfrewshire, East Dunbartonshire, South Lanarkshire, West Dunbartonshire and Inverclyde.
Mr Osborne said: "The Government is committed to delivering an ambitious City Deal for Glasgow by working with the Scottish Government and local delivery partners to deliver a package of support crossing devolved and reserved areas."
Leader of Glasgow City Council, Cllr Gordon Matheson, said: "We will agree the fine details with the UK and Scottish Governments, but there's no doubt that the reference in the Autumn statement is a massive boost."