VICTORIA Centre could lose its market as part of its refurbishment.
The centre's owner, Intu Properties, is said to be keen to move the historic market out.
And the city council says it is open to the idea of finding a new home for the market, which has been in the Victora Centre since it opened in 1972.
Deputy council leader Councillor Graham Chapman said: "It is something which we would consider.
"The owners of the centre have been talking about this on and off for 20 years or so.
"But it would need significant amounts of consultation with market stallholders. We would want their agreement on this."
The Victoria Market is all that is left of Nottingham's historic medieval market, which was held for centuries in the Old Market Square.
It moved to a new site in Glasshouse Street in 1928, before moving into the Victoria Centre when that was built.
Stallholders gave a mixed reaction to the idea that they could be relocated.
Maria Vesova, of Nick's Leather Belts, said: "I think it could be a good idea. If we were on street level somewhere, we may get more trade."
Harjit Kaur, of Ace Furniture, said: "I think moving to somewhere on the ground may actually help. Trade isn't bad but more people will see us on the ground floor, which may improve things."
Mandeep Kaur, of Ranjit women's fashion stall, was opposed to the idea. "I think the stalls are in a good place here, though there are no signs from the outside," she said. "I don't think moving elsewhere will be any help to us."
Shopper Alan Turner, 73, of Strelley, said the move would be bad, adding: "It has been here for a long time and people generally know where it is.
"I don't see why you'd want to move it. It is in a good location as it is."
Plans to redevelop Victoria Centre are on hold while Intu and the council try to reach an agreement. Intu wants to press ahead with its plans to extend the centre, for which a planning application was made more than two years ago. But the council says it wants to be sure the Broadmarsh Centre redevelopment will go ahead first.
No one from Intu was available for comment.