A redevelopment plan at the former Ravenscraig steelworks could be worth £360 million to the wider economy, the council has estimated.
North Lanarkshire Council said the next phase of work could also create 6,500 jobs.
The plans are expected to move a step closer today, with an extra £66m investment in the site, a significant part of which is still derelict.
The council has already agreed an extra £30m to be spent on improving roads in the area.
Read more: Fresh plans for Ravenscraig site
Paul Kelly, deputy leader of North Lanarkshire Council, said: "The regeneration of Ravenscraig is of major strategic and economic importance to North Lanarkshire and the wider area.
"The £201m pan-Lanarkshire Orbital project represents the biggest single roads and infrastructure investment in North Lanarkshire's history, and our focus must be on those projects that will attract investment to the area and be of the greatest economic benefit to our communities.
"Channelling our resources into creating a first-class infrastructure at Ravenscraig will bolster future investment from the private sector to create homes, businesses and job opportunities - potentially creating 6,500 jobs and generating £360m the local economy.
"It's vital that we focus on those projects that offer the best return on investment for our communities, our economy and for the future of North Lanarkshire."
City Deal funding will now be focussed on the Ravenscraig Infrastructure Project. It is part of the wider Pan Lanarkshire Orbital Corridor which will see new and upgraded roads from the M74 at Motherwell, through Ravenscraig to the M8 at Eurocentral, and onward past Airdrie on a new link road to the A73 south of Cumbernauld.
Read more: Ravenscraig rises from the ashes
Ravenscraig is one of Europe's largest brownfield regeneration sites and accounts for about an eighth of the Glasgow City Region's vacant and derelict land.
Ravenscraig Ltd's new masterplan will be considered by North Lanarkshire Council in the coming weeks.
It includes plans for 3,000 houses, thousands of square metres of office, industrial and retail space, five primary schools and a new seven hectare park.
The £1.13bn Glasgow City Region City Deal is an agreement between the UK government, Scottish Government and eight local authorities across Glasgow and the Clyde Valley.
Other aims include improving public transport and connectivity and generating billions of pounds of private sector investment.
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