Dudley Council has agreed to investigate opening back up the convenience in Castle Street in Roseville following a community campaign.
Residents who have been given access to the toilet claim it only requires a lick of paint and new toilet seat for opening.
Councillor Khurshid Ahmed, the council's cabinet member for transportation, has warned the costs would be high but has agreed to meet campaigners.
The toilet was closed in the summer of 2011 as part of council-wide savings. Toilets in Halesowen Road in Netherton were also shut under the cuts.
Coseley ward Councillor Melvyn Mottram is backing the campaign. He said: "The closure has put out a lot of people who used it in the area – I don't see why the toilets cannot be reopened."