A 16th century tithe barn in Dunster could be converted into a village community centre, providing the idea wins the support of residents and planners.
A steering group has been set up to oversee the project, which has already won the backing of Dunster Parish Council and members of the public who attended a meeting to discuss the barn's future.
Chairman of the group, Graham Lamacraft, said discussions had already been held with Exmoor National Park Authority planners and an application submitted to the county and district councils for funding.
He said: "The general consensus, which the national park authority, in principle, agreed with, is that the tithe barn should become a village community centre providing facilities and uses which the memorial hall is unable to accommodate.
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Dunster Parish Council had pledged to financially support the scheme and a chartered surveyor and architect have been enlisted to give their professional views on the project.
Every household in the parish is being asked for views by way of a questionnaire and a barbecue is being held in the village gardens alongside the barn on Sunday to give people the chance to have a look around the site.
The event takes place from 12 noon to 3pm and will feature architects' drawings of what the restored barn could look like.
Mr Lamacraft said: "We would welcome as many people as possible at the barbecue to receive their views, enabling the project to move forward and help achieve what is one of the most exciting and interesting projects in the area.
"We are currently in discussion with the Early Years Play and Child Care Service from Somerset County Council's education department about the possibility of them having some space in the completed project.
"We believe the tithe barn project is something that will benefit the whole community of Dunster and the large attendance and comments made at our previous meeting endorses this view."