Planners were today due to be asked to agree in principal to a project which will result in the creation of hundreds of new homes, a school, shops and a new bridge over the M8.
Council leader Gordon Matheson said: "The plans look tremendous and I look forward to the transformation of the area in the coming years.
"One legacy of our Youth Olympic Games bid - which brought forward this project by two decades - will be the creation of a very attractive place in which to live, work and study.
"The regeneration of Sighthill, while an enormous project in itself, is just part of our work to develop and unlock the massive potential of the north side of Glasgow's city centre."
The 124 acre application site is immediately north of the M8. The Edinburgh to Glasgow railway line and Pinkston Canal Basin form the western boundary and Sighthill Cemetery borders the site to the north. Planning permission was recently granted for 141 new homes in the area, which will rehouse families currently living in nearby high rise blocks.
It had been planned Sighthill would be the base for the Athletes' Village if Glasgow won the Youth Olympics in 2018.
Buenos Aires in Argentina won the right to stage the event but the council decided to press ahead with the regeneration of Sighthill.
A masterplan has been drawn up which involves 641 houses including private sale and low cost homes, a school, community and sports facilities and accommodation for around 500 students.
There will be a new village square and a new bridge over the M8 providing better pedestrian links to the city centre.
An existing pedestrian bridge over the railway will become a road bridge and a new access route into the area will be created.
A network of green spaces will be provided along with a park which will include allotments.
A report to councillor says: "The Sighthill masterplan aims to provide a vision for regeneration of Sighthill.
"The application is a direct result of Glasgow City Council's bid for the Youth Olympic Games in 2018.
"The proposals represent one of the largest public sector regeneration projects in the UK and is expected over its envisaged 10 to 15 year delivery to contribute to significant improvement in the health and well-being of the city."
Sighthill was the site of 10 high-rise blocks which were built between 1964 and 69.
By the early 1970s, the area began to decline and the population started to fall.
In the late 1990s, Sighthill was selected as a temporary housing location for refugees and asylum seekers.
By 2005, the blocks were no longer fit for purpose and the first five have been demolished.