The privately-owned building has been on the Buildings at Risk Register for Scotland for a number of years and is in a state of disrepair.
The owners were handed an Urgent Works Notice to carry out repairs for the building and work is underway to appoint contractors.
However, the council is planning the purchase the building outright and transform it into a new public space.
Proposals include consolidating and stabilising the structure, removing the main roof and the window glass to create four archways to enter and exit the building. In addition, the church spire would be repaired to maintain it as a focal point for the town.
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Council Leader Ian Miller said: "St Paul's Church has long been an unsightly feature of Perth's High Street. A number of proposals have come forward over the years from private owners of how it could be brought into use, but none of these have become reality.
"Unfortunately it is clear that nobody else is coming up with a viable idea for its future. That is why it is so important that we consider a more 'out of the box' approach to St Paul's.
"This innovative solution to St Paul's Church will create a unique outdoor space for day-to-day use, as well as a potential venue for music, drama and arts events. It is a sustainable solution, with minimal ongoing costs, which can be used by our creative communities, and will add to our portfolio of performance venues which can attract visitors into the region for the benefit of all."
John Bullough, Chair of Perth City Development Board, added: "This is a fantastic idea for the future of St Paul's Church. It is identified in the City Plan as one of the buildings which need to be addressed to deliver on our vision for Perth as one of Europe's great small cities, and this will be a great way to bring it back into use in an economically sustainable way."
(LM/CD)
