The scheme would see three sections of the River Roch uncovered revealing a 14th Century medieval bridge.
A planning application for the project has been submitted to Rochdale Borough Council and the Environment Agency has committed £500,000 to the project.
Councillor Peter Williams said: "Reopening the river here is another huge step in Rochdale's regeneration. It will build on the historical character of this area and offer residents and visitors an attractive environment to come and visit and spend time in."
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Click here to read River re-opening a step closer from the Rochdale Borough Council