The council said pedestrians crossing the canal would have to follow diversions and cross via Derby Road while the new bridge is being constructed.
It features a suspension arch and a balustrade referencing Long Eaton’s lace-making industry with a wedding pattern motif.
As well as the new bridge, the project also includes a waterside terrace overlooking the canal.
The scheme is part of Long Eaton’s £25m town deal, which was announced in 2021 and will see several regeneration projects funded by the government.
Other elements include the redevelopment of the former Galaxy Cinema and the remodelling of the town’s high street.
Richard Ledger, chairman of the Long Eaton Town Deal Board, said: “The new bridge will be a real stunner – and something Long Eaton can be truly proud of.”