Theatr Ardudwy could reopen under the ownership of production company KMD and sister company Ignite Live UK.
The theatre closed in 2016 due to deterioration but KMD owner Kallum O'Sullivan plans to reopen the Grade II listed venue in August summer following a £500,000 redevelopment.
The site was purchased by developers in 2019 but put up for sale again last Autumn. The redevelopment is being funded via a mix of public and private funds.
Gwynedd Council Member Gareth Thomas welcomed the news, saying Theatr Ardudwy "has been a hugely important site for the people of this area of the county".
“I am delighted that there are plans to bring the building back into use - there is certainly a desire locally for a facility of this kind."