Salford-based firm FreshStart Living HOPEs to pump £7m into the builing, subject to planning permission.
The company says the refurbishment would create "quality, affordable, modern student accommodation".
Gilmour House, which sits opposite Gilmour Street Station in Paisley has been on the market since 2009 but finding a viable developer has proved difficult.
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FreshStart Living is promising 235 study bedrooms, of which 196 will be en-suite, worth an estimated £7million.
Renfrewshire Council leader Mark Macmillan told the Glasgow Evening Times: "We are delighted FreshStart Living has chosen Paisley as its second student development in Scotland.
"This will bring valuable economic benefits to local traders and the wider community, in addition to supporting our vision to create a town centre with a strong night-time economy."
An application for planning consent has now been lodged with Renfrewshire Council.
Greg Roberts, acquisitions manager at FreshStart Living, said: "Paisley is a great town with a fantastic heritage and we have been very impressed with the support received from Renfrewshire Council.
"This has enabled us to swiftly progress through the legal and planning process."
(NE)
