It is estimated that a flotation could value the company at more around €6.5bn (£3.9bn), according to reports.
The green lighting of the flotation plans, at a time when the advertising sector is perceived to be under pressure from a slowdown in the US economy, is likely to surprise and encourage industry watchers in equal numbers.
It is also represents one of several recently emerging factors that indicate that the impact of the economic slowdown will not be as severe as first thought. Reuters recently successfully braved the markets with the flotation of its online financial division Instinet.
When JCDecaux first cancelled its flotation plans in the autumn, it was because of the plummeting value of technology and media stocks in the US. However, it now wants to move ahead with a quick flotation and is expected to begin the process within the next four weeks with the intention of listing on the Euronext Paris exchange at the end of June.
JCDecaux is the world's largest outdoor advertising company. It operates in 38 countries, has a turnover of €1.4bn (£849.3m) with more than half-a-million advertising sites, and employs around 7,000 people.