The leader of Herefordshire Council, John Jarvis, is to meet representatives from Northern Racing in early September with the hope that a deal can be hammered out to keep the racecourse operational.
"A meeting has been arranged with Northern Racing to discuss the current rent review and restructuring of the lease," said the Council.
"We have also written to the British Horseracing Authority to seek their support to stop any further fixtures from moving from Hereford racecourse."
There has been shock at the news that racing might end at Hereford shortly and the council has revealed that a local group has been set-up to look at the possibility of running the racecourse.
"A group of local people, led by John Williams who was involved in the original company (bought by Northern in 2006) have made public statements about their willingness to take over the racecourse if Northern cease to do so.
"Our current focus is on continuing the discussions with Northen Racing, but there is significant evidence of local support for racing in Hereford."
There will be a public meeting arranged by local councillors on Wednesday evening. This will take place at 7.30pm in Westfields Hall, Highmore Street, Hereford (HR4 9PQ).
The council have confirmed that 'there are no proposals to develop the racecourse for housing'.