Union Bridge, the world’s first suspension bridge, is aiming to secure £5.6m for much-needed works to upgrade the structure and, potentially, open a visitor centre.
The chain bridge, which was designed by Captain Samuel Brown and opened in 1820, connects England and Scotland across the River Tweed.
Scottish Borders Council and Northumberland County Council have both pledged £0.5m towards the project in the hope that the Heritage Lottery Fund will pitch in the rest.
A report on the status of Union Bridge, which is only able to handle one vehicle crossing at a time, said without funding the historic structure will continue to decline.
The 449 feet (137 m) long wrought iron bridge was built between Horncliffe, Northumberland, and Fishwick in Berwickshire, Scotland.
If work goes ahead, it could be completed to coincide with the bridge's 200th anniversary.