The funding forms part of a wider transport investment programme, which also includes £1.5m for work exploring possible Metrolink expansion in north-west Greater Manchester.
A Transport for Greater Manchester spokesperson said that work was at an early stage and would look at possible extensions to Salford Crescent, improved connections to Salford Quays and MediaCity, and longer-term options towards Wigan and Bolton.
“No decisions have been made on routes, technology or delivery at this stage,” the spokesperson said.
The report into the Bury redevelopment said it was a priority in the town centre masterplan and local transport strategy, and could act as a catalyst for wider regeneration.
The new footbridge is intended to maintain access to trams when the existing interchange is demolished.
A later phase is expected to include a new interchange and affordable rental homes.
Chris Barnes, infrastructure delivery director at Transport for Greater Manchester, said it was “a major step forward” in creating a “modern, high-quality transport hub” in the town.