ST George's Hall in Bradford would close for a year to undergo a £2.4 million refurbishment, if lottery funding is secured.
The project would see the landmark building's sandstone exterior restored, as well as a host of other improvements made inside and out, including a re-design of the front-of-house and bar areas.
Theatre bosses are now preparing their final bid for £1.4m from the Heritage Lottery Fund to help pay for the work to the venue - Britain's oldest purpose-built concert hall.
Bradford Council, which runs the theatre, has already committed nearly £1m of its own money for essential repairs to the building, but the lottery cash would allow the full project to go ahead.
Last October, the Council cleared the first hurdle in its lottery bid when it was granted funding of £79,000 to press ahead with plans to apply for a full grant in round two of the process.
Theatre bosses are now hoping to get the contractors in place for the scheme, before they submit their final bid.
The Council has put the work out to tender, with contractors invited to bid to carry out surveys of the masonry and roof and design work for the front-of-house and bar areas. They are also looking for a project manager.
And early indications suggest the venue would be shut from March 2016 to March 2017 for the refurbishment, if all goes to plan.
Adam Renton, general manager of the Bradford Theatres group, which includes St George's Hall, said: "We are currently recruiting for several consultants to help with conditional surveys and plans required for a second-round Heritage Lottery Fund bid.
"The proposed closure dates in the specifications are subject to a successful second-round bid for funding and Bradford Council's ratification."
Councillor Susan Hinchcliffe, Bradford Council's executive member for culture, said Bradford Council's theatres team had to give some indication to contractors about when the work might take place, but that this was "guidance only and by no means yet confirmed".
She said: "The outcome of this funding bid will not be known for some months yet. As soon as this is determined, we will then know how much work we can afford to carry out and how long it will take.
"St George's Hall is a much-loved venue in the city. We are seeking this investment to make sure that it remains a venue that generations of Bradfordians will continue to be proud of."
As well as the physical improvements to the property, the project would also create a permanent archive display about the concert hall's illustrious past.
This would feature key events from its long history, from the official opening of the venue by Queen Victoria in 1853 to big rock concerts of the 1970s and 1980s when acts such as Genesis, Queen, Motorhead and David Bowie performed there.
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