The local authority's development committee approved the bid by Tayside Contracts, which will see the renovation of the city centre site.
The bid was made last week, and was awaiting approval from the city’s councillors, who have now confirmed that the total cost of the redevelopment will be £2,210,000.
The work is scheduled to start in January and is expected to be finished by next summer.
Will Dawson, convener of Dundee City Council’s City Development Committee, said: "With the massive amount of work going on around the city, particularly at the new Malmaison Hotel and elsewhere on the Waterfront, it is important that other prominent parts of the centre are equally attractive for visitors and local people."
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The environmental improvements will be carried out in two phases, each covering half of the square at a time.
The improvements and development will include the laying of new paving, the installation of a new drainage system and the waterproofing of slabs over the council's underground garage.
The project will also see the replacement of the steps and wheelchair ramp to Caird Hall and the installation of new water and electrical supply surface ground boxes to allow market stalls to use the square more easily.
Mr Dawson said: "City Square has always been a gathering place and with these planned improvements, which will also provide upgraded facilities for market stalls like the successful monthly Farmers' Market, I am sure that it will attract even more people who want to sit, chat and enjoy the atmosphere.
"As well as the environmental improvements, the important nature of these works will also safeguard the square for future generations through improved drainage and work on waterproofing the roof of the underground garage."
(IT)
