It is the product of a partnership between the Sean Connery Foundation and the National Film and Television School (NTFS).
It would be a new, permanent home for the NTFS, which would deliver training, as well screenings, masterclasses and events.
Sir Sean’s children said their father was “immensely proud” of his Scottish roots and he would be pleased they were deepening their relationship with Edinburgh.
They said: “Our father believed deeply in fairness, hard work, and supporting talented people in need.”
And they added: “We are proud to make this long-term commitment in his name and in keeping with the values he held dear.”
NTFS director, Jon Wardle, said: “Together with the Sean Connery Foundation, we have an extraordinary opportunity to build on Sean’s legacy and his deep connection to Scotland by creating a genuine pathway into and through the Scottish screen industry.”