MP Bob Seely has initiated a campaign that would see The Sun Inn in Hulverstone registered as an asset of community value.
Securing this status for the 600-year-old pub - which is currently up for sale - would give a local group the right to submit a bid to save the pub for ongoing use by the community.
The pub is currently on the market with Gully Howard and, as it stands, offers are invited in the region of £29,995 leasehold, with a current rent of £85,000 per annum.
Mr Seely said: “I want to see The Sun Inn listed as an ‘Asset of Community Value’ to secure its future as a rural pub, or community asset. This will make it more difficult for it to be converted to a private house.
“Having spoken with residents in and around Brook, Brighstone and Hulverstone, I believe there is strong local support for such a measure.
“Potentially, it would in time also help clear the way for a community bid for the pub.”
The formal nomination for listing The Sun Inn as an asset of community value has to come from an organisation or the Parish Council.
Mr Seely said: “I have approached Brighstone Parish Council to make the nomination. If they agree, and the nomination is accepted, local groups will have the opportunity to put a bid together to retain the asset.
“I’ll also be launching a petition to evidence community support which will strengthen our case with the Isle of Wight Council, which will need to agree the bid.
“I, and others, strongly believe that the pub could be a viable and popular business.”
Brighstone Parish Council meets on Wednesday (10 January) to discuss the request.