The expected deal for the former Lynn Silos site on the South Quay is one of two land purchases which have been revealed by council chiefs.
The authority is known to have been in talks with the silos site’s owners, McCarthy and Stone, about a possible sale for several months.
But, during last Thursday’s full council meeting, deputy leader Alistair Beales said they hope to complete the deal next Friday, August 14.
He said the authority had not received a pre-contract response from the company.
But he added: “We are hopeful that McCarthy and Stone are keen to do this deal, as are we.”
The council has not yet disclosed what it intends to do with the site if the deal is completed.
But the authority has already signalled its desire to do more with an area it regards as an underused part of the town.
In June, the council’s ruling cabinet committed £100,000 from its capital programme towards “viability” work on projects in the area.
Plans to introduce new parking rules, which would require drivers to on the quayside are also expected to come into effect this autumn.
Mr Beales also revealed that the council has bought an area of land between the Friars and the Hardings Way bus lane.
His report to the meeting said: “we have acquired some land at auction between TheFriars and Hardings Way which goes some way to complete the land ownership issues for the Waterfront Regeneration Area (at Boal Quay) and has the potential to address the “pinch point” on the bus route.”
The route, which opened in 2011, has a narrower section which only allows one bus to pass at once, as the authorities were unable to purchase adjacent land during the building works.
Mr Beales added: “I will be discussing this issue with Norfolk County Council in due course.”