The historic feature, which has been closed to the public for 10 years, will receive new gates, as well as an art installation by Edinburgh artist Callum Innes.
The "significant conservation works" will also be carried out to the steps with railings renewed and restored and the new iron gates will be installed to close the steps off at night. An old police box will also be moved from the site.
A decision to close the steps in 2003 was made after they were said to have become a place for anti-social behaviour to occur.
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According to the BBC, once reopened, as people climb the steps their movement will be captured by an infrared camera and their silhouette projected onto a large LED mesh screen. When no one is using the steps, short films of silhouetted movement will play on the screens on a loop.
Estimated at £177,856, the project is being jointly funded by Edinburgh World Heritage, the City of Edinburgh Council, and the University of Edinburgh.
Commenting on the scheme, Lesley Hinds, Edinburgh City Council's Transport and Environment Convener, said: "This work demonstrates what community-focused funding can achieve and, with the increase in student footfall and physical improvements, will create a much more welcoming and safe environment benefiting local people as well as visitors to this historic part of Edinburgh."
Work is expected to start at the end of February, and will be completed in June 2014.
(JP/CD)
