Council officers have advised against a self-rising barrier due to technical challenges and environment constraints.
The walkway with glass panels would cost about Â£15m to install.
A Dumfries and Galloway Council report said a significant amount of work had been done to address public concerns over visual impact and loss of parking.
It is the latest attempt to find a compromise solution to tackle flooding from the River Nith in the town.
Analysis: Giancarlo Rinaldi, BBC news website south Scotland reporter
The time has come, surely, for the words to end and action to start.
It will probably never be possible to come up with a solution to the Whitesands flooding which pleases everybody but most people agree something should be done.
Anyone who has lived in Dumfries for any length of time knows it is a chronic problem which dates back for decades.
The issues must have been aired well enough by now to allow the construction phase of some kind of scheme to begin.
Otherwise, we will just have to accept - like previous generations - that it is something Dumfries must learn to live with.
More than 5,500 people signed a petition against plans to build an embankment along the waterfront.
Now a 1.3m (4ft 3in) raised walkway is being suggested with a 1.2m (4ft) glass wall on top.
It comes after the latest round of public engagement events which found 83% of people in favour of some kind of flood protection scheme in the area.
However, the questionnaire used to gauge opinion did not ask people outright which of the two remaining options they would prefer.
That has led to accusations from some respondents that the survey was designed to give the council the result it wanted.
Environment, economy and infrastructure committee chairman, councillor Colin Smyth, said: "After a consultation process that has stretched on for three years, it is now time for councillors to take a decision and make clear the way forward.
"We know that options such as dredging and flooding upstream have been thoroughly investigated and, unfortunately, simply do not provide a solution.
"However, councillors will have the opportunity to consider options that not only will tackle flooding but also regenerate the Whitesands."
He also stressed that "as a direct result of the extensive public consultation" their proposals had "changed significantly".
What do you think? Is it time for the talking to stop and some kind of flood protection project be put in place on the Whitesands in Dumfries or should the scheme be scrapped completely? Email your thoughts todumfries@bbc.co.uk.

The 30-year-old has joined the Cards following a short spell at Eastleigh, who signed him in January after he was released by Portsmouth.
Poke made three appearances for Woking while on loan from Southampton - where he started his career - during the 2006-07 season.
He has also had spells at Brighton and Torquay United and has been on loan at Oldham, Northampton and Bristol Rovers.
Find all the latest football transfers on our dedicated page.

Zookeepers say it is very unusual to see a koala with fur this light and with eyes and skin remaining the usual brown black.
But said the koala's white coat is not caused by a condition called albinism, which is when a human or animal doesn't have the chemical in its hair, skin and eyes that creates colour.
Australia Zoo have now asked the public to help name the rare koala.
Suggestions so far include Snowflake, Diamond, Pearl and Djendaladi, meaning "white-haired" in the Noongar language.
A raised walkway has been recommended as the "optimal solution" to long-standing flooding problems in the Whitesands area of Dumfries.
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National League club Woking have signed goalkeeper Michael Poke.
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A rare white koala joey has been born at a zoo in Queensland, Australia.