It will be installed at the foot of William Street and connect across the Dalrymple Street main road onto Custom House Way and the waterfront.
The new £300,000 crossing and associated works will replace the existing one at nearby Cross Shore Street.
The aim is to improve links between the town centre and the new Greenock Ocean Terminal cruise ship berth and visitor centre, which is currently under construction.
Councillor Michael McCormick, Inverclyde Council's convener of environment and regeneration, said: "This is a big development and there will be some disruption but the end goal is continuing the ongoing regeneration of Greenock town centre by enhancing links between the town centre and the waterfront to encourage residents and visitors alike to discover Inverclyde.
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"The new crossing will tie in with the new cruise ship visitor centre, which is now under construction, to welcome passengers and crew safely into the town centre to access local businesses and attractions.
"I'd like to thank drivers in advance for their patience and understanding while work takes place."
The project is being funded thanks to a grant from Strathclyde Partnership for Transport (SPT).
Councillor David Wilson, SPT vice-chair, said: "This valuable investment from SPT again shows their commitment to improving transport infrastructure in the Inverclyde area as well as the wider region – without it these improvement works would simply not be possible."
Toucan crossings are wider than normal crossings to accommodate pedestrians and cyclists.
The development has been agreed in consultation with trunk road operators Transport Scotland and its contractor Amey, which manages the A8.
Drivers are being advised to allow extra time for their journey for the duration of the works.
