Reading's council bosses say they are in talks with organisers of a mystery festival to replace WOMAD.
Discussions are currently underway to decide the feasability of a new event taking place on the historic Rivermead site, reports the BBC.
The land hosted the world music festival WOMAD until last year when the festival decided to pull out of Reading and move to a new location in Wiltshire.
Part of the site is also used for Reading Festival, which itself is under threat of relocation according to reports.
It has emerged that Little John's Farm, which houses about a third of the August rock festival, is to be sold off for £5million.
However the land cannot be used for development and Mean Fiddler are determined to secure the land by either buying it or negotiating rental terms with an investor.
Mean Fiddler's Melvin Benn said: "The value of the land is in the festival. It started in 1971 and it will be going for another 35 years."
Stay posted for news on both stories as they develop.