New facilities for young musicians, artists' workspaces and the development of an arts centre are also proposed for Perth Theatre.
A council spokeswoman, said: "Having access to high quality arts, music, historical collections, libraries and theatre is a major contributor to feeling good about yourself and the place in which you live.
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"The last few years have been very successful for Perth and Kinross with such success stories as the Concert Hall and Perthshire Festival for the Arts, the museum's collection achieving the status of national significance and many visitors coming to the area to enjoy events such as T in the Park."
She concluded: "Together with its history and natural environment, Perth and Kinross has many advantages and is already becoming the vibrant area it aspires to be."
A £150,000 feasibility is also set to look at developments around the Concert Hall and Mill Street in order to assess the potential of the area as the "heart of the cultural campus".
The Theatre in Perth's origins have been traced back as far as the 16th Century, however, more recently Hollywood superstars Ewan McGregor and Donald Sutherland have starred there.
(JM)
