The Hamilton City Council will receive a report on Thursday outlining possible options for the future of Founders Theatre.
Founders was closed in February over safety concerns with the theatre's flying system.
The three options to redevelop, demolish and rebuild or permanently close the theatre will be outlined in the report along with rough costings.
The cost to redevelop has been estimated at roughly $20.4m, with work to be phased over three years.
The option to demolish and rebuild a lookalike comes with an estimated price tag of between $48m and $52m, meanwhile the permanent closure would cost somewhere in the vicinity of $300,000.