The council consulted on what to do with the dam, which is in a bad state of repair, and more than 500 residents responded. Of these 89.1 per cent wanted the dam repaired.
The council’s design team is due to submit a planning application this month. If approved, construction will begin in April 2014 and take around two years to complete.
Cabinet member for environment councillor Ken Trussell said: "This is an exciting, long-term project to improve the area as well as a necessary one to upgrade the dam.
"The drawings showing how the Mill Pond will look once the work is completed are very appealing and show how the area will be enhanced."
The pond is in Bewbush Water Gardens and is part of The Queen Elizabeth II Fields Challenge, operated by Fields in Trust, a campaign to protect outdoor recreational spaces as a permanent living legacy of The Queen’s Diamond Jubilee.