The expansion plans for the shopping centre could also see the eventual inclusion of a hotel and flats, alongside extra retail space in a redeveloped atrium.
Ocean Terminal bosses are also holding out the prospect of a boardwalk along the western side of the shopping centre, allowing visitors to stroll past the historic Royal Yacht Britannia while browsing sea-front bars and restaurants. An expanded branch of H&M has also been announced, scheduled to open this autumn.
Owner Resolution Property said construction work will create 70 jobs, with more following once work is completed.
Subjit Jassy of Resolution said the expansion would enhance the shopping experience for visitors as well as boosting the local economy.
He said: “At Ocean Terminal we’re working to create a retail, leisure and cultural destination which is unique to Edinburgh and Scotland.”