With the licence on the general market due to expire at the end of March, Place St Maur is set to be temporarily transformed into a cultural space for events.
Event organisers have already shown an interest in holding a variety of activities and large-scale events at the site and Arun District Council hopes to attract many more.
The Council will work with Bognor Regis Town Centre Manager, Toyubur Rahman, to attract a quality general market to the town which is set to be launched in 2018.
In the meantime it’s anticipated that using the space for events will be a real draw for both locals and visitors alike.
Toyubur said: "By taking the time to research and set out in detail what we want from a market, we will give ourselves the best chance to secure a really good deal for the town. It will also enable traders to have their say on the plans.
“Place St Maur will be opened up for events and other fun activities. Event organisers are already getting excited about the opportunity to use this space for new large-scale events that haven’t been possible before because of the market. This is our chance to host some new big events so if you’ve got an idea for an event, do get in touch and we’ll see if we can make it happen!”
Councillor Mrs Gillian Brown, Leader of Arun District Council and Cabinet Member for Council Strategy, said: "This is another step forward for Bognor Regis. I'm pleased to see the Place St Maur space will be opening up for events while time is taken to plan and procure a first-rate market.
"We know from footfall figures that both good quality markets and new events bring new people into the town which is great for town centre businesses, so this is an exciting opportunity for the town."