Bangkok city clerk Sanya Cheenimit said Governor MR Sukhumbhand Paribatra had asked city officials to carefully plan the project and get the public to participate in the development.
Sanya said if Cabinet approved the funding, it would take two months to survey the site and design the project.
The project comprises four contracts – two for greater Bangkok and two for the Thonburi side.
If given the green light, construction is expected to start in Thonburi first due to the lesser impact on locals.
Reports show that the project would affect eight temples, 36 private and public piers, six schools and restaurants, 19 significant places and 268 homes that encroach on the river.
Under the proposal, costs would be split into Bt13 billion for construction; Bt500 million for compensation to affected people, demolition expenses and public hearings; Bt250 million for a consultant to oversee construction; and Bt120 million to hire a consultant to survey the site and design the project.
The contract signing is planned for December and construction slated to start in January and run till July 2017.
The project would consist of bike lanes and walkways over a 14-kilometre stretch along both banks of the Chao Phraya – seven kilometres on each side of the river.