The Royal High School Preservation Trust (RHSPT) has put forward proposals to move St Mary's Music School into the Thomas Hamilton building on Calton Hill.
However, Hoskins Architects have also drawn up plans for Duddingston House Properties to turn the school into a £75 million hotel.
In September, the Dunard Fund-backed Trust appointed Richard Murphy Architects and Simpson & Brown to develop alternate plans.
Proposals will see a 300-seater concert hall and the creation of three new public performance spaces, along with a contemporary foyer with space for ticketing, bar and cloakrooms. It will also double as a multi-functional space.
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Further plans involve a new public entrance from Regent Road, terraces and 'near invisible' build features.
However, the council has already entered into an agreement with the developers, meaning the Trust's proposal is only likely to move forward if planners reject the hotel application.
William Gray Muir, chairman of the RHSPT, said: "We fully recognise that the City of Edinburgh Council is not currently in a position to accept our offer due to its existing commitment to a commercial development. However, we have consulted widely and believe that our plans satisfy the need for conservation, public access, a culturally suitable and economically sustainable use.
"Therefore, if the commercial application were refused, the Trust is poised and ready to enter any new competitive process to acquire the building for St Mary's Music School. Such a process could be completed in a matter of months."
(LM/CD)
