The two-screen picturehouse in Hatter Street is set to re-emerge as the Hollywood Cinema – part of independent East Anglian Group, which has cinemas in Lowesoft, Great Yarmouth, Lowestoft, Fakenham and Dereham.
Odeon manager Pat Church said the new-look cinema would offer a town centre alternative to the multiplex currently under-construction on Parkway, with a mix of programming offering mainstream popular films and arthouse films.
The classical theatre-style picturehouse opened in 1924 as the Central.
Over the years it has had numerous owners, including Studios 1 and 2, Cannon Cinemas and Virgin Cinemas.
Mr Church, who has worked at the cinema for nearly 40 years, said: "It's at a very delicate stage at the moment so I can't really say much – I don't want to step on anyone's toes.
"But it is a very exciting time, of course, and we are looking forward to the challenge ahead.
"We're obviously not going to go head-to-head with the multiplex, that would be folly. But we're certainly not going anywhere.
"We've got another meeting with the Hollywood group soon and that's when I'll be able to discuss the plans in more detail."