West Sussex County Council is preparing to sell the former Thakeham Primary School site.
The school moved to its new home in Rock Road last summer, and the council was given permission by the Department of Education to sell the old site, in The Street.
A report to Jeremy Hunt, cabinet member for finance and resources, said 10 offers had been received from potential buyers, and advised that the highest offer be accepted.
The main building on the site is Grade II listed, dating back to 1875, and the report said the potential buyer intended to apply to Horsham District Council for planning permission to convert the property into three homes.
The report also recommended that, if contracts had not been exchanged by September 1 or the district council refused planning permission, then an alternative offer should be accepted at an agreed minimum value.