The future of Birmingham's Wholesale market looks to have been secured for at least the next three years.
The market is 35 years old and needs a major refurbishment.
Plans for a brand new wholesale market outside the city were scrapped due to budget cuts, but now a million pounds could be spent on giving the existing site a makeover.
The outgoing Conservative/Lib Dem administration at Birmingham City Council has earmarked the funding, which would need to be approved by the Labour group when it takes control later this month.
Birmingham Labour Group Leader Sir Albert Bore, and Birmingham Labour MP Shabana Mahmood have both publicly campaigned in the past to keep the market open.
The Birmingham Wholesale Fresh Produce Association says it has been given "positive indications" from Labour members that the £1m revamp will happen.
However it is now calling for detailed talks with the Labour group when it takes control of the council, to work out a long term plan for the market beyond the next three years.