The Liverpool City Region Combined Authority is set to approve funding of £4.95M towards the transformation of the Littlewoods building on Edge Lane.
The Littlewoods Studios project is just one of a number of schemes recommended to receive backing from the £232m Local Growth Fund.
Work at the Edge Lane site will see it transformed in to a 11, 000 sq m into a film studio, studio work and office space as well as developing a creative and digital hub and Liverpool Theatre school, which will also see the creation of 345 jobs.
The Combined Authority say that the funding is part of its commitment to bringing empty buildings back into use.
As meeting today will discuss work on the £4.95 million A570 Linkway improvement scheme – the main route linking the M62 with St Helens – is also expected to be cleared to get under way later this year.
Work is already under way on other schemes to reduce congestion in Knowsley, including access improvements to Knowsley Business Park and improvements to the A5300 Knowsley Expressway.
Investment from the Local Growth Fund to improve college facilities are also set to be approved.
Myerscough College in Liverpool is due to be awarded £1.997 million to create specialist new build facilities at the Croxteth campus for equine and animal studies, and Wirral Metropolitan College is in line for £2.2 million towards a University Health Campus at the Wirral Waters Enterprise Zone.