The former Ikon and Palais de Danse building could become part of Market Place shopping centre.
Plans for a hotel and car park at the site of the former nightclub are being reviewed.
Permission to build a new 150-bed hotel and 400-space car park in place of the historic building was granted in December 2016.
Demolition work started in September 2017 but the site is still closed and under construction.
Moorgarth, the company behind the proposals which owns the iconic site as well as Market Place, is now looking at integrating it with the shopping centre’s floorspace.
The news was revealed in a council report about the town centre regeneration last week.
The South-African owned company did not confirm what stage it is at with the new plans but said it is reviewing its options.
The Ikon building was originally built in the 1920s as the Astoria Palais de Danse – a dance hall which existed on the site through to 1979.
It has been vacant since Ikon closed in 2012 and was bought by Moorgarth for around £500,000 three years ago.