The bridge, built over the M8 in the 1970s, was intended to link Anderston to the city centre but was not finished by the developer and ends in mid air over the Mariott Hotel car park.
The £1.3 million completion of the bridge will link from Kelvingrove Park to Central Station, creating a new route for pedestrians and cyclists.
It will tie in to the west end of Waterloo Street, opposite Pitt Street, where a new pedestrian crossing will be installed.
Archie Graham, the city council's executive member for the Commonwealth Games, said: "It is fantastic that the famous Bridge to Nowhere is finally set to be completed.
"It will be part of the National Cycle Network and will provide a link for cyclists and walkers to move safely between Anderston and the city centre.
"We hope the new route will prove pivotal in transforming cycling in Glasgow and form a lasting legacy following the Commonwealth Games in 2014.
"The National Cycle Route already runs from Kelvingrove Park to Anderston and this final link will be the jewel in the crown."
Work on the bridge has been funded by the Big Lottery and Sustrans, with contributions from SPT.
Sustrans is a UK charity which aims to cut car usage and promotes travel by foot, bike or public transport.
John Lauder, national director of Sustrans Scotland, said: "Sustrans and our Connect2 project are all about allowing people to get to where they want to go under their own steam.
"We are delighted to see work on the bridge begin and look forward to the opening of a vital link in Glasgow's transport infrastructure."
The work is being carried out by Scottish- based company Raynesway Construction, and managing director Stephen Scott said: "We are delighted to be starting on site at Anderston footbridge.
"It has stood unfinished for a long time so it is a real honour to complete the missing link and a little piece of Glasgow's history.
"The M8 will remain open throughout as works will be carried out from an enclosed gantry."