Plans to regenerate Swansea's former Hafod copperworks site could also include a hotel and leisure complex.
Heritage Lottery funding has already been granted to set up a distillery and visitor centre to attract up to 50,000 visitors per year.
But a hotel complex has been earmarked by Swansea council which would also be used by sports fans attending matches at the nearby Liberty Stadium .
Council leader Rob Stewart said there was an "opportunity" for the scheme.
The copperworks dominated the world copper market for 150 years, but has lain derelict since 1980.
CU@Swansea, a partnership between the council and Swansea University, has been working since 2010 to preserve the buildings and heritage of the Grade II-listed works.
Along with those works, which form part of the Tawe corridor regeneration strategy, the Penderyn distillery would be the centrepiece of the project.
The hotel would be built on land which is used as a car park on match days for the Liberty.
Riverside homes, restaurants and water sports facilities make up the rest of the strategy.