The authority has earmarked US$365,000 for a feasibility study to decide the best location for the bridge.
No initial designs have yet been put forward, but the structure will span the River Thames at Oxpens Meadow and connect the city centre to Osney Mead Industrial Estate.
Indicative design and location of bridge (Oxford City Council and David Lock Associates)
Set to be open to pedestrians and cyclists, the bridge is part of broader redevelopment plans for the estate first put forward in 2013. According to the Oxpens Master Plan document released that year, the "landmark foot/cycle bridge" will link with a network of leisure paths on either side of the river.