A residents group in Weston-super-Mare is bidding to buy the derelict Tropicana complex for £500,000.
The Tropicana has been derelict for years
The North Somerset Community Action Group wants to restore the crumbling swimming pool to its former glory.
It has been derelict for many years, although the local council voted last year in favour of a developer's plans for a pool and cinema on the site.
The developer, Henry Boot, is to submit his final planning application on the Tropicana in the New Year.
The residents group says it has the £3m from financial backers necessary to restore the pool to its former glory.
The leader of the council, Alan Hockridge, told the BBC that all options were being considered.
"We have a preferred developer but any ideas are always welcome."
Jim Dobson from the residents group said: "We are very serious [about an offer for the Tropicana].
"We have commitments for the money."
The Tropicana would be turned into a community project if the bid was successful. A public meeting is planned to discuss all proposals.
If plans went forward with the Henry Boot, the council hopes the centre would be re-open by 2008.