The council’s finance and resources committee agreed in January that the historic and iconic building on Calton Hill would be remarketed after the cancellation of a long-term legal redevelopment agreement between the council and Urbanist Group.

The developer had sought a three-year extension to the deal in order to secure planning permission for its long-running luxury hotel proposal, having had its latest bid knocked back by the Scottish Government in October following a public inquiry.

The council said any proposals need to ensure a sustainable long term future for the Royal High School, be of the highest architectural quality and take into account the conclusions drawn by the Scottish Ministers following the public inquiry.

Councillor Rob Munn, convener of the finance and resources committee, said: “This an important step forward for the future of this iconic site and means we can identify the best value option for the city and our residents in the future. We know there are a number of interested parties and having it back on the market allows them to submit any development proposals.

Vice convenor Councillor Joan Griffiths added: “There was unanimous agreement earlier in the year to remarket the old Royal High School and I look forward to seeing the options presented to us at a future committee which could occupy this very important building, so prominent in our World Heritage site.”