Metrolinx, the province's regional transportation agency for the Greater Toronto and Hamilton Area, is teaming up with the city-owned Toronto Parking Authority, to grow the existing Bike Share Toronto network.
The initiative will more than double the size of the current network and will see Metrolinx buy bikes and docking stations that will be operated by the TPA.
The new bikes and docking stations will be in place by December 2016 and will be close to transit stations and dense areas to help users connect to transit.
While most of the expansion is planned for Toronto, some bikes and docking stations may also be set up in a willing host municipality within the Greater Toronto and Hamilton Area.
Transportation Minister Steven Del Duca says the entire initiative supports Ontario's Cycling Strategy, which aims to encourage the growth of cycling and improve safety for cyclists across the province.
Also on HuffPost