Bell's Bridge, which opened in 1988, was originally meant as a temporary structure to take pedestrians and cyclists to and from the massive event.
It now has renewed importance because of the Commonwealth Games, as it links the SECC and the new Hydro Arena with the south side of the river.
Both venues will be important during the 2014 sporting spectacle as they will host boxing, netball, gymnastics, judo, wrestling and weightlifting.
They will also house the international broadcasting centre and the main press centre.
The bridge, which swings open to allow ships to pass, was owned by Scottish Enterprise but was taken over by the city council on condition the organisation funded the £1.6m restoration costs.
The enterprise body will also provide £900,000 for its long-term maintenance.
The work will start in March and should take six months.
It will result in the bridge's canopy, which was removed in 2006, being replaced.
The upgrade will also see the bridge being blast cleaned and repainted, its hydraulics, electrics and mechanics being overhauled and new lighting installed.
The bridge will be closed during the renovation work.
Jim Coleman, the city council's sustainability and transport, spokesman, said: "The structure was never intended to survive as long as it has – I'm looking forward to seeing it returned to its former glory."