Norwich Livestock Market bosses are hopeful that a city council vote in October will help end years of uncertainty over the site's future.
The market has operated from Hall Road since the 1960s, providing a vital trading platform for East Anglia's livestock farmers.
The leaseholder, Norwich City Council, has a statutory responsibility to "provide, regulate and maintain a market" within the city boundary under the Norwich City Council Act 1984.
The authority says extensive repairs are required for the ageing auction facility, its parking areas and roadways, but the site's current operational limitations means further investment "would not provide value for money".
So, with other urban locations considered "not feasible", the council is considering relocating the market to a new site outside the city boundary, to allow the introduction of systems to meet new environmental requirements and increase food security.
But to do this, it needs an amendment to the 1984 act, by way of a new private bill - a formal legal process which required the council to carry out a public consultation.
That consultation closed on August 26, and the responses are now being compiled and analysed ahead of the city council's vote on the proposed changes on October 15.
Market chairman Stephen Lutkin said: "We have been working with the city council for two or three years, and this is moving it forward.
"To be honest, the site we have got at the moment is getting old, it was built in 1960 and it is showing its age.
"So I would love to see a brand new market. If it does not happen, the council would need to spend some money on it, because the livestock market is essential for Norwich."
If agreed, the new private bill must be deposited in parliament by November 27 to ensure it secures parliamentary time during 2024-2025.
Subject to the consultation results, the private bill proposes to ensure that any new market will be equivalent to, and "within proximity of", the existing market, and close to the A11 or A47 to ensure livestock producers can maintain access to a local market.
The new site has not yet been determined – but it will have to comply with the parameters placed in the new private bill, and it would be subject to a separate planning application and further public consultation, says the council.
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