7.46 acres of land will be leased adjacent to Bellahouston Park at a rent of £1 for 60 years.
Glasgow City Council has gifted PPWH its current building in Carlton Place in the 1980s.
The proposed site is within the boundaries of the current Bellahouston Nursery.
Plans for the new hospice show the building extending to around 5,800 square metres over three floors with car parking and landscaping adjacent to the building.
It will also include a 14 bed in-patient unit, two additional beds specifically for young people, a day service and outpatient unit, an education area and administration and clinical offices.
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The site is enclosed by a brick wall, palisade fencing and mature landscaping.
The usual rent level for this type of site is estimated at around £810,000 over the lifetime of the 60 year lease agreement.
Councillor Gordon Matheson, Leader of Glasgow City Council, said: "The council has been a supporter of the PPWH since its inception and gifted the current premises in Carlton Place in the 1980s.
"We are fully behind their current drive to expand their services. Our contribution to the fundraising campaign is to gift the land to PPWH with a rent of only £1 a year. The council will also meet the costs of relocating the existing nursery materials."
Rhona Baillie, Chief Executive of the Prince & Princess of Wales Hospice, said: "The Hospice Board of Trustees and the larger team have been overwhelmed by the generosity of the decision made by Glasgow City Council today.
"We would personally like to thank Gordon Matheson, Leader of Glasgow City Council, Development & Regeneration Services, City Property and Land & Environmental Services, for their outstanding support and loyalty to the Hospice.
"This decision will make a significant difference to the level of palliative care delivered to the people of Glasgow in the future and for many years to come."
(IT)
