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
Hold on to your hats, tents & caravans!
1970s children's television classic "Trumpton" will be set alight in a huge bonfire next month
An Avon & Somerset Police officer has told ITV News staff are 'scared to death' at the prospect of the Chief Constable returning to work.