The Russell Institute is one of the key buildings in the town, but it has been lying empty since 2011.
The property, which was formerly used as a health centre, needs work carried out in order to bring it back into use.
Working alongside NHS Greater Glasgow and Clyde, the local authority has been planning on a way to save the building, with the health board having gifted the Institute for the good of the community.
An organisation has been lined up to move in to the building following the refurbishment.
With the £2m application to the Scottish Government's Regeneration Capital Grant Fund being approved, work to transform the 1,750 sq m interior of the building suitable for modern office use is expected to take around two years, and could begin in summer 2014.
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Renfrewshire Council Leader Mark Macmillan said: "Paisley's stunning architectural heritage is one of the greatest features of the town.
"The Russell Institute is a magnificent building and a recognisable town centre landmark, and we are delighted to be able to help bring it back into use.
"This project will also bring significant economic and social benefits, by creating new jobs and allowing us to keep existing ones in the town centre, in addition to the jobs created during construction.
"This is just the latest stage in our continuing effort to make the best of the area's built heritage, including the major revamp of Paisley Town Hall earlier this year.
"Plus, the £3.5m Townscape Heritage Initiative has seen major improvements to the Causeyside Street area, including restoration work on the Arts Centre."
The Category A-listed Russell Institute sits on the corner of New Street and Causeyside Street.
The building is notable for the distinctive bronze and stone sculptures on the exterior walls.
(JP/CD)
