CIT Estates, who own the site, say they are in initial discussions with Planning officers to knock down the building and replace it with a five-storey car park.
Yesterday, it was announced that underground parking had been all but ruled out of the Millennium Town Park development.
A new implementation group had been set up with terms of reference that required a park flush to street level with parking spaces and car park entrances and exits that did not encroach on the park area.
Planning director Peter Thorne said the idea of replacing the old brewery with a multi-storey car park was one of a number of options under consideration.
He said that taking the parking off the town park site would make its construction cheaper and more achieveable.
‘We have had some very preliminary discussions with the owners of Ann Street Brewery,’ he said.