Specialist designers have been inside the building which dates back to 1888.
Efforts to bring Swansea's historic Palace Theatre back to life are taking a step forward.
Specialist designers have been inside the 132 year old building with a view to them bidding to transform it.
Swansea Council owns the site after acquiring it from its previous private owner in the last few months.
Business partners are now being encouraged to submit ideas on how they - as lead tenant - would run or manage the Palace.
Swansea Council wants to redevelop the wedge-shaped Grade 2 listed building as modern office space.
The transformation will be carried out with the help of independent grant funding.
Council leader Rob Stewart said: "Progress is being made on this challenging but incredibly exciting project.
"We're preserving this landmark city centre building for future generations and want expert partners to help us do this.
"The Palace is one of the city centre’s architectural treasures and now that it’s in our hands we’re confident in its prospects.
"Our plan will help transform the High Street area – already benefiting from many millions of private investment - and will help our exciting regeneration work across the city centre.”
Robert Francis-Davies, the council’s cabinet member for investment, regeneration and tourism, said: "The architects and designers we’ve shown around are excited by the possibilities of the Palace. It's a remarkable building that, although terribly down-at-heel inside, is structurally sound.
"There’s growing demand for top class office space in the city centre – and the new Palace could bring work opportunities and space for business start-ups and SMEs in the tech and creative industries. It will be a highly desirable location and a great partner to nearby regeneration.
"Our £135m Swansea Central Phase One is moving ahead, compete with the indoor arena, the £12m Kingsway transformation is nearing completion and plans are progressing for our digital village and other major schemes."
The Palace, when operating as a theatre, staged performances by stars such as Charlie Chaplin, Sir Anthony Hopkins and Morecambe and Wise. It was last used 13 years ago as a nightclub.
A private sector-led scheme to regenerate it began four years ago but grant support for redevelopment did not materialise.
Emergency repair work was carried out but the distinctive building, which has three towers and rises to four storeys, is now in an advanced state of dereliction, with protective fencing around its base.
Discussions this summer between the owners, council and others determined that the only option was for the council to acquire the Palace and bid for significant grant support.
The council bought the building and is confident that a grant bid will succeed to help make the Palace a focal point for creative businesses, complementing other city centre bases for such enterprise.
The council is now seeking to identify suitable partners to help redevelop it as office accommodation, and there is scope to include conference and performance facilities. The council would then manage the building and generate revenue to exceed its own outlay on the building work.
Its existing structure and architectural aesthetic would be maintained.
The design and build programme could take around three years.
Sell2Wales Notice for those interested in operating the Palace building – www.bit.ly/PalacePIN