Earlier in the year, the council announced that they could no longer financially support the centre.
Keresley Community Centre could stay open as the borough council has received several applications to run the building.
Nuneaton and Bedworth Borough Council has been appealing to find organisations that can take over the running of Keresley Community Centre.
Now officers will continue to work with the three applicants whose business cases have been scored highest.
Earlier in the year, the council announced that they could no longer financially support the centre and were looking for someone to take it over rather than close its doors.
Cllr Sam Croft, Portfolio Holder for Finance and Corporate Services, said: “We believe these communities know best how to manage their assets. There has been a great deal of interest in Keresley Community Centre, its future looks very bright indeed, and a huge amount of work has been done.
“We are now in a position to enter the final stage of this work. This report gives authority for our officers to go back to the top three bidders in time to find the best way forward by 1 April next year.
“Funds will be made available to ensure we hand over the building in good shape, and there will be provision for the existing groups who use the centre.”
Councillors will now look over the submitted business plans to find the best offer for the community.
A commitment of £55,000 capital funding has been agreed by the council to support any improvement works required at the centre.
Once all processes are complete, a lease agreement will be prepared with a view to handing over the day-to-day running of Keresley Community Centre on 1 April 2023.