The venue’s long-awaited revamp by the Glasgow-based G1 group will see four new screens installed – one with 400 seats, two with 140 seats, and one with 50 seats.
A cafe and bar are also included in the plans, with bosses aiming to create an “entertainment hub” for the Southside.
The Odeon closed in 2003 and has been dogged by controversy ever since.
Fresh plans for the building – which was previously owned by Duddingston Leisure – come after the failure of a short- lived entertainment venue run by Susan Boyle’s brother, Gerry.
Work on the old cinema will see some of the building’s original features restored, including the original terrazzo flooring in the foyer.
G1 owns a string of dining, entertainment and cinema attractions across Scotland, such as Edinburgh’s Ghillie Dhu, The Corinthian Club in Glasgow and Perth Playhouse.