The Grade II listed brewery, in Sandymount Road, was built between 1895 and 1898, and closed in 2010.
The Bearwood-based company Highgate Brewery Tap House has now applied to Walsall Council, as licensing authority, for the sale of alcohol from 11am to 10.30pm daily at what it describes as Highgate Brewery Culture and Events Centre.
It also wants a licence for putting on plays, films, live music and dance at the premises.
The deadline for making representations about the application to he council's licensing unit is August 17.
Gary Timmins, of the Friends of Highgate Brewery and vice-chairman of the Walsall branch of the Campaign for Real Ale, said they would be discussing the application to decide whether to make a representation.
"Personally if they can get the brewery back up and running and have a viable business there, then I'm all for it," he said.
"The Friends will want to ensure that historic fixtures and fittings are retained in the building."
The five-storey brewery has failed to sell at several auctions in recent years and in 2018 had a guide price of £975,000.
It was famous for the brew Highgate Dark Mild, and at its peak employed 65 workers – producing 100,000 barrels a year and providing its beer to more than 400 pubs and clubs across the region.
The Friends of Highgate Brewery was set up to help preserve the site.