The Â£28m project includes proposals for a major industrial and commercial development at Exxon Mobil's former site in Bowling.
A road would also be built to provide an alternative route in and out of West Dunbartonshire.
The outline business case for the project will be presented to West Dunbartonshire Council on Wednesday.
The proposals form part of the Glasgow City Region City Deal.
The plans would see West Dunbartonshire Council pay Â£3.8m towards the overall cost, with the rest funded by the UK and Scottish governments.
The project is expected to support up to 690 full-time jobs and generate about Â£19m each year for the West of Scotland economy.
If the outline business case is approved, it will then be presented to the council's City Deal Cabinet in April.
Infrastructure work could begin in early 2021 and be completed in early 2024.
Richard Cairns, West Dunbartonshire Council's strategic director for regeneration, environment and growth, said: "The presenting of the outline business case to council marks another big step forward for what is a key regeneration priority for West Dunbartonshire.
"The future for the Exxon site is an exciting one that we believe will bring about real change for the better in terms of jobs and the economy."
Plans to redevelop a former oil terminal in West Dunbartonshire could take a step forward this week.