More than 20 car parks will be removed to make way for a "missing link" $5 million bikeway project at South Bank.

The Brisbane City Council is finalising designs for two stages of the Kangaroo Point Bikeway upgrade, with a third stage yet to be designed.

The new bikeway would connect Dock Street and the Goodwill Bridge, which is used by more than 4500 cyclists every day.

Brisbane City Council will spend at least $5 million in upgrading the Kangaroo Point Bikeway.

The project has been called the "missing link" between Veloway 1, the Woolloongabba Bikeway and the Goodwill Bridge.