A decision on the future of the Mechanics' Institute is expected within the month.
The Government Office of the South West has been considering whether to recommend a public inquiry into proposals by owner Mathew Singh to turn the building into a hotel and leisure complex.
English Heritage has objected to his plans, saying they would cause too much damage to the Grade II* listed building in Emlyn Square.
But the final decision rests with Government ministers, who must choose either to overlook the objections and allow Swindon planners to vote on the issue, or opt for an inquiry.
A Government statement said: "The Government Office of the South West has to look at the proposal very carefully to see if it raises issues of more than local significance. It is hoping to submit recommendations to the minister in less than a month."
Meanwhile Coun Michael Dickinson (Lib Dem, Central) has called on the local authority to use a compulsory purchase order to preserve the building for community use.
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