West Norfolk Council leader Nick Daubney said the authority had been put on notice that there might be problems with the Vancouver Quarter owners.
The council has a stake in the centre and was working with the firm and others to regenerate Baxter’s Plain.
Mr Daubney said: “It is a huge part of the town centre. We are in close conversations with everyone involved. We had a joint programme going forward and those conversations have to proceed whoever takes over.”
The Vancouver Quarter, originally known as the Vancouver Centre, was opened in 1968.
The shopping centre then underwent a major £50 million facelift in 2005.
TK Maxx, New Look and Sainsbury’s are just some of the popular shops found in and around its streets.
It was bought by the Northern Ireland-based Murdock Group in 2007 for a reported £60 million.
It was the third shopping centre the group had acquired at the time, having made its money in building supplies.