CARN BREA Leisure Centre could be refurbished using funds generated by the sale of parking areas and the running track.
That is the recommendation likely to be put to Cornwall Council's Cabinet early next month.
A report seen by the West Briton proposes giving Carn Brea Leisure Centre Trust a new 99-year lease, which would pave the way for long-term investment.
The report, to be considered by the communities overview and scrutiny committee on February 6, is scheduled to go to Cabinet a week later.
Last year Cornwall Council looked at selling the entire site at Pool and relocating elsewhere or refurbishing the centre.
It carried out a marketing exercise and received expressions of interest from a number of developers. It now believes that the best option is to sell parcels of land, which will pay for the improvement work, the relocation of the track and leave some money in the pot.
In a report to a committee of councillors, Cornwall Council development manager Ben Colman and planning delivery manager (west) Matthew Brown said: "In reviewing the scope of offers submitted, in relation to the costs and risks associated with the relocation of the athletics track and improved provision for Carn Brea Leisure Centre, it is deemed that the most appropriate course of action would be to progress the bid that would enable the refurbishment of the existing leisure centre.
"By progressing this transaction, the council also has the opportunity to realise a capital receipt to invest in projects across Cornwall."
Cornwall Council sees the reprovision of the running track as "important" but "potentially complex".
Options include building a new track at Camborne Science and International Academy or investing in the existing athletics track at Par.
Officers are to "vigorously" pursue the creation of a new track in the Camborne, Pool and Redruth area.
Jeff Marston, chairman of Carn Brea Leisure Centre Trust, said: "The trustees are extremely encouraged by the possibilities which may arise from the sale of the leisure centre site.
"Our aim is to secure the centre's long-term sustainability." He said the board would now consider whether this was the most viable option for the trust and aspirations of the community.