Owners of Denver Mill hope to get a Lottery grant to complete repair work to the historic building.
Norfolk Historic Buildings Trust is hoping to raise more than £135,000 to complete vital repair work to the mill’s sails and exterior cladding.
English Heritage has placed the mill on its at risk register.
Trust secretary Douglas Munro is keen to stress that the building is structurally safe and is still open to tours.
He said: “This is nothing to worry about. It is purely a mechanism to access grants. If you are not on the at risk register, you have little chance of getting any money.
“I am hopeful we will be able to get some money from the lottery.”
The mill, a Grade II listed building , was constructed in 1835 but work ceased at the site in 1941 after it was struck by lightning.
The mill was given to Norfolk County Council in 1971 before being purchased by the trust in 1995.
The trust needs £100,000 to restore the sails, which collapsed into each other after a metal stock broke in 2011.
Debris fell close to youngsters from Clenchwarton Primary School but no-one was injured.
Concrete cladding which was installed in the 1990s is now starting to bubble and blister and allowing damp into the building.
An architect will be visiting the site soon to conduct a survey to give the trust further advice on the full extent of the repair work before a Lottery application will be made.