Campaigners trying to keep Dartington College of Arts (DCA) in south Devon are calling for an inquiry into the proposed move.
They have made the call in the People's Report which will be unveiled at a meeting in Totnes on Wednesday night.
DCA wants to merge with University College Falmouth with most of the £25m cost coming from EU funds.
Officials said it is too expensive to keep the facility in Dartington and that a merger would suit both colleges.
But students said the essence of the college comes from its relationship with the trust that runs the 850-acre Devon estate.
The group fighting the move said the estimated £5m a year cost to the local economy if the internationally-renowned college moves is unacceptable.
"We are still battling on and calling for high level inquiry," said Will Fitzgerald, campaign spokesman and former college principal.
"We hotly dispute the rationale and figures behind the closure of the college."
The college said in a recent independent report it was accepted that at present the current site is not sustainable and that in itself puts the college's future in doubt.