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.
More top news
The young man who turned his bedroom into a bomb-making factory and then tested the devices in disused mine shafts.
The Atlantic Jet Stream brings a yellow warning to the South West. There's the prospect of heavy rain and strong winds on the way.
Former Army Captain Johnny Mercer, will head-up a committee of MPs who want to investigate the role of the Iraq Historic Allegations Team.