The Mercantile pub is set to re-open in early April after a £630,000 revamp.
The long-awaited plans for the city centre bar can now be revealed by new bosses Tommy and Jacqueline Fox following a deal with owners Star Pubs and Bars, a subsidiary of brewing giant Heineken.
Work has already started inside the Commercial Street pub which is to be re-named with the title revealed in a few weeks.
It is a Grade A listed building dating back to 1871 and it is scheduled to throw open its doors for business in April, creating 25 jobs.
Mr Fox said: “We absolutely love Dundee and the plans for the pub are exciting and extensive.
“We knew straight away it was the one for us. It’s an iconic building and in a prominent position.
“We cannot wait to give it a new lease of life.”
Plans for the pub include a new look with exposed brickwork, wooden floors and artwork plus an upstairs private function area which can seat 80 people.
A new kitchen and toilets have also been ear-marked for the development and it will use locally sourced produce from Angus farms plus the city’s butchers and fishmongers for a menu of Scottish dishes, pub classics with “a modern twist” and a variety of small dishes.
The Foxes are aiming for a wide market by offering craft beers, barista coffee and will introduce a DJ booth and stage for entertainment after 9pm including live music.
Star Pubs & Bars’ operations director for Scotland, Brian Davidson, said: “We’re delighted to be contributing to Dundee’s regeneration.
“Tommy and Jacqueline are passionate about service, so people can be assured of a warm welcome and great hospitality.”
The Mercantile first closed in 2010, but it later re-opened briefly in August 2016 before closing for what was described at the time as “it’s first major refurbishment in decades” but its doors remained firmly shut.
However, last year plans were submitted to Dundee City Council for an extensive revamp of the venue and were later given the go ahead before the hunt was launched for a new management team.
The pub’s iconic eagles on the front of the building are to be removed as part of the facelift and an insider said that they could be raffled off for charity.