Ilkley College campus could be transformed into a conference centre, a health farm, a residential home or a clinic if the Bradford college bosses are successful at selling it off.
The 15 acre site, which contains the Grade II listed main building, has been under threat since the Bradford and Ilkley Community College board decided it was too costly to run.
It has been put on the market by Leeds-based estate agents Storey Sons and Parker and they have reported a lot of interest in the site.
Locals are worried about the economic effect of losing the student population in Ilkley and the future of adult education in the area because many courses are taught at college buildings.
Parish Council chairman Councillor Audrey Brand said she would be meeting estate agent representatives next week to discuss the future of the site in the hope that at least part of it may be retained for community use.
In all, the campus consists of more than 17,000 square metres of buildings in an idyllic setting on the edge of Ilkley Moor.
Because of its listed status and designation as urban green space, development on the site would be limited.
Paul Morris, the associate director at Storey Sons and Parker, said: "It has been known that this site was coming onto the market for some time. During that period we have received unprecendented interest from a number of different parties, which is not surprising given the location and aspect of the site."
Coun Brand said that the site could make a suitable location for an annexe to Ilkley Grammar School which she said was saturated with pupils.
But at a recent meeting, parish councillor Alex Henderson said that the future of the site would most likely be decided by commercial considerations.
"This is going to go on the market as a commercial proposition - there is no way we can get any influence on that," said Coun Henderson.
The college and its students are due to vacate the campus by the middle of next year and will relocate courses, mainly community-orientated disciplines, to the Bradford site in Great Horton Road.
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