Chesterfield councillors will meet next month to discuss the future of the Northern Gateway masterplan.
The ambitious proposal was paused in 2014 after Chesterfield Borough Council failed to secure a large food store for the scheme.
The borough council will meet to discuss the plan on July 12 and July 27. The meetings will take place in private due to financial matters surrounding the proposal. However, a public statement will be released following the final decision.
A borough council spokesman said: "We are continuing to work on the Northern Gateway scheme, with much of our effort in recent months going on work to support the private sector's redevelopment plans for the former Co-op store.
"Since the planning approval was given for the Co-op development we have been evaluating options for the wider Northern Gateway plans to see how we can complement those proposals to ensure the town centre can reach its full potential.
"Some options on moving the site forward will be considered by councillors next month."
The original plans for the Northern Gateway aimed to create a high-quality shopping, restaurant and leisure development on land surrounding the Donut roundabout site.
The borough council decided to pause the proposals and reassess them to respond to the 'changing high street retail sector'.