Renfrewshire Council has said the plans are part of a wider scheme connected to a proposed bid for UK City of Culture 2021.
It is understood a new organisation, Paisley 2021 Community Trust, has been established to work with the local authority on plans for developing the venue.
The trust will develop ideas and a business case for the potential entertainment venue, as well as meet with key partners over how the facility can be delivered. A funding strategy will also be formed.
Gary Kerr, who runs local firm EPM Solutions, will chair the new organisation. He said: "When the council unveiled the Paisley Heritage Regeneration Strategy earlier this year, they asked for community groups to come forward and take part in the process.
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"We have offered to look at that strand of the strategy because we are very committed to the idea of a theatre and cinema in Paisley town centre. It is something that Paisley should have as part of the City of Culture bid, and we are really passionate about what this idea could become."
However, he added: "We would stress these plans are at a very early stage, no sites have yet been earmarked, and substantial funding will be needed. But the first step will be to speak to key stakeholders to see where the facility could be and what should be in it."
Renfrewshire Council Leader Mark Macmillan added: "Although the council is taking forward the heritage strategy and UK City of Culture bid, we have always said the regeneration process is bigger than anything we can do on our own – it will only happen if Paisley's people and institutions get behind it and help us make it happen.
"Council staff will now be working with the Paisley 2021 Community Trust on more detailed work into the feasibility of a theatre and cinema in the town centre."
(JP/IT)
