CORK Opera House and University College are set to form a new partnership worth almost €600,000.
The two bodies have been in discussions in recent months on the proposal which is now close to completion.
As a result of the partnership, the Opera House will become a place where Arts industry professionals will work alongside students and academics to share skills and research new forms of creativity and learning.
It will also mean UCC and the Cork Opera House name will appear on the building's upper fly tower section replacing the Toyota signs currently on three of the four walls.
Cork Opera House is already in the process of removing the Toyota signage as a 30-year commercial agreement comes to an end.
The Opera House lodged a planning application in recent months seeking to change the signage. The application was granted planning conditional permission last week.
In a statement, The Opera House and University College Cork said they are exploring entering an academic and cultural partnership that will enrich the two institutions.
"The partnership is at the stage of contracts being agreed while planning permission is also pending. The two institutions will announce the partnership at a formal launch in the near future."
The partnership with UCC is the latest development in the Opera House's long history that saw the theatre burned down in 1955 and closing for the summer in 2010 due to financial difficulties.
In September the Opera House reported a quarter of a million euro profit for the financial year ending March 2017, with home-productions like the panto and last summer’s hit, Prodijig, contributing to the positive returns.
The profit was achieved through 297 performances, which saw 198,250 people come through the doors of the landmark city venue. It is the fifth consecutive year of profit for Cork Opera House.