Video report by ITV News Arts Editor Ninia Nannar
Ikea closed its seven-storey store in the city in March 2020 but new proposals could see it become a national home for artworks and collections.
Coventry City Council is due to vote on the proposals next week.
If it did become an art gallery, it would have the fifth-largest exhibition space in the world behind the Louvre in Paris, the Hermitage in St Petersburg, the National Museum of China in Bejing, and the Metropolitan Museum in New York.
Coventry is due to start its City of Culture celebrations in May, after they were delayed by the coronavirus pandemic.
Both the British Art Council and Arts Council England have expressed interest in opening exhibitions there.
Councillor Jim O'Boyle said he hoped the city's council would "grab" the art councils' "hands off as fast as we can" over the prospect.