The site of the playground is set to move from near the entrance of the park to behind the football fields - with a brand new set up created between October and early 2022.
In the meantime, the council has installed a play trail next to the existing park for children to access.
Councillors and the 'Friends of Armley and Gotts Park' have fought for a new park due to the decaying old equipment in the existing playground.
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Equipment in the new playground is set to include a zip wire, play boulders and a platform to appreciate the views across the city from the height of the park.
Armley councillor Lou Cunningham - who has been involved with securing the new park for years - said she was "delighted" to have been able to support the park project.
She added: "We would like to thank the Friends of Armley and Gotts Park group for the role they have played in community engagement and planning with us and our dedicated Parks and Countryside teams to create this vision.
"Thanks also go to the community who took part in the consultation .
"We are really looking forward to this amazing Armley Park improvement and are already planning a celebration for the grand opening."
Now, excitement is building among Armley residents who can't wait for the new park to be installed.
Rosheen James said: "Very happy [about the plans].
"Glad the children of Armley get a decent and safe playground at long last."
Shirley Kalbusch Brega added: "I'm very happy too.. so excited as my daughter.
"Congratulations for the great team working on it."
Mum of two Aria Louise Barrett also said: "I'm very excited.
"As a mum of two little ones, one having additional needs, it will be a place for them to relax and have a fabulous time.
"My three year old son loves the outdoors and is currently enjoying the little wooden play area that has been made!"
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