£1.7m bid to restore Newport's historical Market Arcade
An application could be made for lottery cash to revive Newport's Grade II-listed Market Arcade.
A report said high vacancies and a pest infestation had created a "spiral of decline" which threatens the arcade.
It dates back to 1869 and the council said it "intertwines with the growth of Newport" and is part of the city's DNA.
The estimated cost is about £1.7m and councillors will meet on Thursday to discuss applying for £200,000 of first round funding.
The structure is Newport's oldest surviving arcade and although any potential Heritage Lottery money would focus on the building and properties within it, cash would also be spent on neighbouring properties on High Street and Market Street.
"It is increasingly clear that further deterioration will render the structure beyond reasonable repair and an increasing risk to public health and safety," the report said.
In order to proceed with the plan, the council will also have to decide on allocating £30,000 match funding for the first phase.