The vacant Co-op site on Wellmeadow Street is set to be sold to Sanctuary Housing Association, who plan to use the area for social housing.
The council currently leases the ground, on which the supermarket and car park are built, to the Co-op.
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However, since the owners don't plan to use it as a supermarket, the council has to sell on the ground lease to allow the deal to happen.
Cllr Bill Brown said: "We are pleased to see another vacant site in Paisley potentially coming back into use.
"If this proposed development was to be completed it would make a massive contribution to the regeneration of the west end of Paisley.
"If the site was to be filled with housing it would bring new residents into the area, with all the benefits that will bring for traders in the west end and town centre.
"This - and the ongoing redevelopment of key town centre sites such as the former Arnotts store and the Russell Institute - are all signs of progress for Paisley."
(LM/MH)
