Brownhills Market is in line to be revived two days a week under new management, it emerged today.
Specialist operators are being sought to run the Silver Street pitch on Thursdays and Saturdays for up to two years.
The fresh hope comes six months after the Walsall Council-run market collapsed after a demise in shoppers and stallholders.
Council chiefs said today they were seeking expressions of interest for the pilot scheme in a bid to transform its fortunes.
Firms have until September 3 to register their interests in the hope of relaunching it by the end of the year. It had previously been said stalls would not return until Tesco created a new market square as part of its plans to enlarge its supermarket in Silver Street.
But Walsall Council leader Mike Bird told today: "Businesses in Brownhills were always very supportive of the market and have expressed a desire to see it return.
"It has been agreed initially the best way forward is to invite expressions of interest from private sector operators to run a market on the existing Silver Street site for a maximum period of 24 months.
"This will enable us to determine the level of support for a market in Brownhills, monitor how it works and the flexibility to decide the best way of taking it forward in the long run."
The possibility of the market reopening has been welcomed by traders and councillors who insist it will be a big boost for the town.
Tony Larner, chairman of the Walsall Market Traders Association and a former stallholder on the pitch, said: "It will be fantastic if it happens and be a real asset to Brownhills."
Brownhills councillor Barbara Cassidy added: "It would be a good move, the traders really need to come back, it can seem like a ghost town on a Saturday."