Often described as Scotland's most elaborate harbour light, the clock tower is situated on the dockside outside the former Customs House.
It will soon undergo extensive work to sympathetically restore the pedestal, column clock, bell, light and finial and will also receive decorative paint treatments.
Councillor Michael McCormick, convener of environment and regeneration, said: "This is a landmark in Greenock and is much loved by locals and visitors alike.
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"This area at the waterfront is popular with walkers and visitors and I am delighted the clock is to be restored.
"This represents another key component in the council's re-development of the Greenock Waterfront."
The much-admired public clock was built in 1860 and is Category B listed. It was designed by William Clark and made for Greenock Harbour Trust.
It stands outside the Customs House, which was built in 1818 on what was then known as Steamboat Quay, one of the first docking areas of Greenock.
It was built from designs by William Burns of Edinburgh at a cost of £30,000. Situated to face the river it reflects the wealth and importance of the port at that time.
The clock tower and public drinking fountain were added around 1860. The town's motto 'God Speed Greenock' appears above the lion's head on the side of the fountain.
Restoration of the clock tower will cost approximately £110,000 and will take around 8-10 weeks to complete.
