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.
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It will be a breezy start, with clouds arriving around lunchtime. The afternoon will be sunny with showers.
Tuesday will start dry and bright with lighter winds, before cloud thickens bringing some outbreaks of rain through the afternoon.
The day's gusts will ease as the evening goes on. It will be mostly dry with cloud cover but occasional clear spells.