The council has said that it has not yet decided how the funding will be used, but it expected to include the revitalisation of the southern entrance to the town at Burns Statue Square.
The Ayr Town Centre Strategy will go before Councillors later this month.
The Council had previously allocated this money to help improve infrastructure at the airport, however the airport is set to receive money from the Levelling Up Fund round 3, which frees up the Council funding to be used on the town centre project.
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Councillor Martin Dowey, Leader of South Ayrshire Council said: "This is great news for Ayr Town Centre. £20m gives us plenty of options to make improvements that will help bring people into the town centre. We're set to launch a number of high-profile projects, so this funding is extremely timely."
Councillor Bob Shields, Developing South Ayrshire Portfolio Holder said: "I'm delighted that this Council funding can now be used to give Ayr Town Centre a much-needed boost. It's time to make our town centre great again and this money will get things moving in the right direction."
