The damage was first noticed in March.
The Canal & River Trust has confirmed that they are about to start repairs on the canal bank near Nutts Lane after it was reported damaged earlier this year.
A large part of the Ashby Canal towpath has collapsed into the water which has made the path significant smaller.
Phil Mulligan, regional director for the Canal & River Trust, said: "We're really pleased to be starting these important repairs on what is a popular stretch of towpath and we're grateful to the local community for their patience while we've been getting designs approved and specialist contractors in place."
The Trust is about to begin works to repair the wall and restore the towpath. The repairs will involve reinstating the canal bank with steel piling topped off with 'coping stones' along the towpath edge to preserve the historic character of the area.
Construction work is due to begin at the end of June and is expected to last three weeks.
The towpath adjacent to the repairs will be closed during the works with a diversion over Nutts Lane Bridge.
Phil Mulligan, said: "The Ashby Canal is a living, working piece of heritage, built more than 200 years ago, so when something unexpected like this happens, it's important to plan the works carefully so that they respect the heritage and ecology of the canal."
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