Most of the former Odeon cinema and Paramount music venue, which opened in 1934, is expected to be sold for £5 million to developers Mountgrange and Prupim, who are expected to convert the art deco building.
In the 1960s, as the Paramount, it featured performers such as Dusty Springfield, Roy Orbison, Gene Pitney and Cliff Richard.
It later became an Odeon cinema, but closed in 2006. The building is owned by Duddingston House Properties, which had planned to give the building a multimillion-pound facelift, but the dire economic climate meant it failed to continue with its plans.
According to Property Week, if fully let at target rents of £27-28/sq ft, the new scheme could be worth £60m to £62m.
With the deal reported to be on the verge of completion, Prupim's involvement is a vote of confidence in Glasgow's economy.
It would be the first speculative development agreement Mountgrange has made outside London since 2004.
It is also understood that, in conjunction with Glasgow City Council, Mountgrange has made tweaks to the planning consent, so redevelopment could start immediately.
All parties declined to comment.