According to STV, potential plans have been launched to save the historic building from demolition.
In December 2013, the local authority rejected plans from the Perth City Market Trust to transform the former concert venue into an indoor market.
The £6m proposal was deemed "not financially viable" following an independent report, and Councillors once again pushed to have the Edwardian B-listed building razed.
However, it has now been claimed that a new planning application has been lodged for the property.
The submission is understood to have been made by Perthshire-based property developers, The Seventy Group, who want to turn the building into a five-star hotel. The venue would include 32 suites, a restaurant and roof-top bar if plans were to go ahead.
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Simon Wilson, Director of the Seventy Group, is quoted by STV as saying: "The sheer presence of this building in the heart of Perth Conservation Area lends itself perfectly to the use proposed, a luxury Hotel in the City of Perth.
"With 32 bedroom suites ranging in size from 40 to 68m2, a fine dining restaurant on the ground floor, and a rooftop terrace bar and restaurant, this proposal could be the turning point that secures the future of this magnificent Listed Building."
Bruce Linton, Chairman of Perth City Market Trust, added: "We're pleased to be continuing to move the project forward.
"Harnessing private funding is helping to show that this is a viable project without dependence on public funding.
"We're also encouraged to see growing public support for the project, and a further bid to save and adapt the City Hall from a private developer.
"Our hope is that all these factors will convince the council, and Historic Scotland, that the City Hall can and should continue to be an important feature of Perth."
(JP/MH)
