Farnborough Recreation Centre may be updated with millions spent on new facilities.
Rushmoor Council is negotiating with DC Leisure to improve and expand the centre, which has become shabby with age.
The new investment by DC Leisure would provide improved facilities for children, a new changing room area for the pool, a new fitness suite and a new state of the art ten lane ten-pin bowling alley.
Coun David Clifford, Cabinet member for leisure, said: "DC Leisure have been working with us for over a year now. They have made significant improvements already, and we are keen to deliver additional facilities that families and young people in the area want."