The Airlie Monument, which is located in the Angus hills, has been left in a poor condition due to water damage and erosion, the BBC has reported.
Restoration work is needed on the structure in order to stop further damage from being caused.
The monument, which stands at 65ft, was constructed in memory of the ninth Earl of Airlie who was killed in the Boer War in 1900.
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It is understood Bell Ingram, conservation specialists, hope the site can be restored and used for both recreational and educational purposes. They have approached Historic Scotland and hope to receive funding through grant assistance that is available for war memorials.
Repairs are estimated to cost at least £150,000 and take around six months to complete.
Director Susan Burness is quoted as saying: "It is important that the Airlie Monument is restored to its original state.
"The building is an important landmark for both locals and visitors and we want to ensure that they have full access to the building once again."
In addition to restoring the monument, there are plans to convert a room on the site of Tulloch Hill as a visitor interpretation centre for the Boer War.
(JP/CD)
