The council, residents and the Scottish Wildlife Trust are preparing a business case to apply for funding for job creation and environmental improvements from the Heritage Lottery Fund.
Dr Michael Foxley, chairman of the council's land and environment select committee, said the 7,400-acre island had suffered years of decline caused by absentee landlords and urgently needed changes to the pattern of land ownership.
'Highland Council is committed to bringing about change,' he said. 'We are not in a position to purchase estates such as Eigg, but we are able to offer all the other help a major organisation can bring to bear.'
£2 million asked for by the current owner, Marlin Eckhard Maruma.