The land will be used for affordable housing after pupils from the Tollerton Drive school move to Woodlands and Castlepark primaries.
John Galt Primary is being closed due to falling pupil numbers with Castlepark and Woodlands Primaries being extended to take the children.
Yesterday councillors were due to authorise the transfer of land at John Galt Primary to the council's Housing Revenue Account for no charge at a cabinet meeting.
A spokesman for North Ayrshire Council said: "The John Galt Primary School site is zoned for affordable housing development in the proposed Local Development Plan.
"This is to assist in addressing the identified shortfall in affordable housing in the Irvine area.
"As part of the Council's Strategic Housing Investment Plan, the project is expected to start in 2013 or 2014 with approximately 80 houses to be completed at the site at the site by 2015."
As well as the £2.4 million development at John Galt, Cunningham Housing Association plans to build 48 affordable homes at Vineburgh.
FOR MORE ON THIS STORY SEE THIS WEEK'S IRVINE TIMES - OUT NOW!