BTHE company behind a bid to open a ten-screen multiplex in Blackburn has made a £1million bid for Accrington's Cinema.
Earlier in the year, Vue was revealed as the company set to open a site as part of a £30million leisure complex close to Blackburn railway station.
Now the company, which recently took over the running of the former Warner Village chain of cinemas, is lining up to buy Accrington's troubled cinema.
The move has prompted fears that the Accrington cinema could be closed down once Blackburn's new cinema opens its doors.
Vue were set to make an announcement about the Accrington site later today.
Council officers in Blackburn had expressed doubts that the two cinemas could co-exist, according to sources at the town hall.
The Accrington site is owned by Globe Enterprises, a council-backed company, and three Hyndburn councillors sit on the board of a new company set up to run the cinema, Premiere Cinemas Ltd.
Premiere looks set to sell its interest in a bid rumoured to be worth around £1million.
Hyndburn Council leader Peter Britcliffe, who is one of Premier's directors, said money from the sale would go to Globe Enterprises, of which the council owns a third.
Coun Britcliffe, who would not be drawn on whether he thought the cinema would remain open, added: "The sale would mean the council makes savings, which should give us extra money to spend in Hyndburn."
Hyndburn Labour leader Coun Jean Battle said: "I hope the Accrington cinema does not close. Blackburn will probably be a bigger draw for people, but it was the people of Hyndburn who wanted a cinema, so it's up to them."
Metroplex, the company originally lined up to run the cinema, sold its share to another company before the doors opened in November 2002.
Somerset-based GSX Leisure closed the cinema last September, blaming financial problems.
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