If successful, the bid would allow a replacement for the existing Carrongrange School to be built and help to provide some additional accommodation and capacity at the adjacent Larbert High School.
Construction could begin in 2015/16 and would see a single storey building designed to create a learning environment that would meet both the educational and social needs of children and young people who have some additional support needs.
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Parents and head teachers at both existing schools have already backed the proposals.
Cllr Craig Martin, Convener of the Policy and Resources committee said: "It is clear that there are capacity issues in the Larbert area and we believe that this bid could help us solve the problem for many years to come.
"Carrongrange is a fantastic facility and has helped to bring out the best in the pupils who have attended there over the past 13 years however, we now have the opportunity to bring the existing facilities up to the most modern standards possible with the construction of a new school.
"It is currently at an early stage but we will be working hard to make this bid successful and we will undertake full consultation with relevant bodies to ensure that our plans match community aspirations."
The funding would be drawn from the Scotland's School For The Future programme that has already allocated £400m across Scotland to improve schools.
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