Bradford Council is set to accept the transfer of the former Odeon building from the Homes and Communities Agency for £1. A report to the Council's Executive next week asks members to agree to the transfer and then look at commerically viable ideas submitted for future use of the building.
Council leader, Coun David Green said: "We will try and find a commercially viable option for the Odeon building and would encourage anyone with ideas to come forward with a business plan."
The cinema building opened in the 1930s as the new Victoria and was known for its lavish ballroom and screening of Hollywood Classics. In the 1960s it played host to the Beatles and the Rolling Stones.
The building has stood empty since 2000, but there are hopes to to turn it back into a major music venue.
More top news
Helen Plint has the evening forecast
Castleford's dream of moving into a new stadium took a major step towards realisation on Friday.
With fewer than eight weeks until the August bank holiday, the site for Leeds Festival is getting ready for a remarkable transformation.