Plans for a £2.5m community swimming and leisure facility serving Botley, Cumnor and North Hinksey may still go ahead, despite Oxford Brookes University pulling out.
The Vale of White Horse District Council pledged more than £1.2m to build a new joint leisure centre at the Harcourt Hill campus in Botley, Oxford.
However, the university backed out because of financial problems.
Now the council is to open talks with the county council and Matthew Arnold School to explore a new joint community use venture.
The district council's executive member with responsibility for leisure projects, Tony de Vere, said: "After so much hard work and preparation the decision from Oxford Brookes to pull out came as a big blow, but now we are back on track again.
"This project is one of our top priorities because pressure has been growing in recent years from the local community for improved leisure facilities."
District councillors Derek Rawson and Harry Dickinson said they were pleased that the scheme was back on the agenda.
Mr Dickinson said: "We see this joint venture with the school as a tremendous plus and feel sure that it will be well supported by the local community."
The headteacher of Matthew Arnold School, Adrian Percival, said: "We have a very good sports hall but lack a swimming pool and fitness suites."
The school had an unheated outdoor pool built in the 1950s, but that was closed several years ago.
A new indoor pool and leisure facilities could be built on the site, but it would be about three years before the centre is open.
Mr de Vere said: "We will put up a large slice of the money, but will be looking for other sources of funding from the private sector."
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