The Punchbowl, on Crookes High Street, closed down in April after its owners Greene King announced they were selling the venue.
In a statement, Greene King said: “After a great deal of deliberation we’ve agreed to sell The Punchbowl and would like to thank all the customers who have visited over the years.
“It’s never an easy decision to sell a pub but by doing so it allows us to continue investing in our other pubs in the wider area.”
The pub was bought by True North Brew Co, as well as The Old Grindstone, and went straight to work at renovating the landmark site.
It will now reopen on Tuesday, September 17, just in time for the arrival of the students back into Sheffield.
The Sheffield-based firm has developed a reputation for making a success of other high-profile bars - including The Forum in the city centre, The Broadfield in Abbeydale Road and The Riverside at Kelham Island.
Kane Yeardley, managing director of True North Brew Co, said: “Lots of people talk only too well of what a fantastic little safe drinking circuit it was in the 70s, 80s and 90s.
“Often people started Saturday night in Crookes and never made it to town. Crookes, in those times, had its own spirit like nowhere else in Sheffield.
“We convinced Greene King that with the Grindstone refurbished at one end of Crooks High Street, which we bought in January, and The Punchbowl at the other, we could with The Ball in the middle and all the independent restaurants, make Crookes a cracking night out with some great pubs and restaurants.”
Lead interior designer Paul Carruthers said the venue will have a new lease of life.
He said: “We have few original features to work with, so we are in many ways 'reinstating' and restoring the venue to bring back its soul.
“We are trying to achieve a unity of design within the framework of the building, one that embraces the past but also mirrors the adventurous nature of the Crookes community.
“Some customers may not fully recognise the amount of work and effort we've put in, as the venue may look like 'it's always been there' and to be honest, I'll take that - a venue that is comfortable and at ease with it's self.”