The Breeze understands a group is calling for Teignmouth's lido to become a 'Community Asset'.
They worry owners Teignbridge Council could - in the future - look to sell the loss making site to help balance its books.
The campaigners believe the site could be worth £1.2 million.
By being a community asset, campaigners say it ensures they are given time to find a solution to save the site before it's sold.
In response Teignbridge District Council said: "We have received an application from a community group who have applied to have Teignmouth Lido registered as an asset of community value.
"Before we can look to process this application we have requested further information from the applicants.
"Once received then we will make the necessary enquiries as per the legislation.
"From receiving a nomination to listing an asset takes eight weeks but there are many stages to the process, which can be viewed at https://www.teignbridge.gov.uk/righttobid
"In the meantime, we look forward to opening Teignmouth Lido as normal on Friday May 24."