Taunton Dean Borough Council will discuss making a bid for The Brewhouse Theatre today.
It would not mean the authority would take on the running of the theatre though.
The public arts and performance hub went into administration in February leaving more than 50 members of staff redundant.
Taunton's Brewhouse Theatre to be reopened after the borough council agreed to grant a five-year lease to the Taunton Theatre Association.
As Taunton's Brewhouse Theatre closes its doors for the final time today, the Board of Governors blames the economy and lack of funding
A candlelit vigil will take place at the Brewhouse in Taunton to "remember the great times". The theatre closed suddenly last night