The council announced last month that it had bought the 32,516sq m facility for €6m. It was previously used by Dell and Wang prior to a Limerick businessman buying the building, more than 10 years ago.
During the Limerick City of Culture 2014, the building was named the Culture Factory and used for a number of major events.
As the building was bought in the name of Innovate Limerick, a registered company set up by the council, the authority will be able to reclaim about €1m in Vat rebate.
Talks are at an advanced stage between the council and Ardmore Studios and are centred on the costs of fitting out the building.
If you haven't brought the kids to see this great Irish animated feature film yet, get there this weekend. Still... http://t.co/L86WDunmAG— Ardmore Studios (@ArdmoreStudios) May 29, 2015
The building will enable Ardmore cope with a huge demand for studio space and its location near Shannon is seen as a major attraction for US film-makers. Up to 750 people will get work at the film industry hub.
The Irish Film Board and the Government have pledged their full support for the setting up of a film industry hub in Limerick.
Major film figure Philip Lee has already travelled from the US to view the building and sees it ideal for the making of €130m film named Inversion, which is in pre-production in the US. Lee’s previous films include The Dark Knight.
Mr Lee is believed to be anxious to commence work at the new Limerick studios in coming months.
The fitting out of the building as a studio will give work to hundreds of skilled workers such as electricians and carpenters.