The deal is being designed to accelerate growth in Scotland's capital city and wider region in order to benefit the Scottish and UK economies while tackling deprivation and inequality.
Councillors have agreed in principle that the City of Edinburgh Council will contribute £100m towards a £2bn deal.
The other bid partners - East Lothian, Fife, Midlothian, Scottish Borders and West Lothian Councils - will also present reports to their own Committees regarding their contributions towards the deal.
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The City Region Deal proposals are being shaped around four interconnected programmes: innovation hubs; infrastructure investment; a regional housing programme; and cultural tourism investment.
Council Leader, Andrew Burns, said: "These ambitious proposals form the basis of our negotiations with the UK and Scottish Governments and the robust and detailed business are cases being developed. This will result in the region becoming increasingly attractive for inward investment.
"A deal on this scale cannot be delivered by the public sector alone and private sector involvement is going to be key as we drive this forward. The deal will also give the region greater autonomy on determining investment priorities and will help to identify and deliver appropriate solutions to local issues and opportunities.
"Working in partnership with stakeholders in the business and academic communities is crucial to the bid's success. The region's universities and colleges are at the heart of the bid development and I am delighted that to date over 300 businesses are have pledged their support."
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