Councillors will be asked if £30,000 should be spent to see if it is worth putting together a business case to reopen Cloddach Bridge.
It would be the first step in drawing down £1.5 million of UK Government funding for the span near Birnie to the south of Elgin.
The grant funding was announced by chancellor Jeremy Hunt in March.
However, a full business case and 50% match funding need to be in place before that money can be released.
‘Unlikely’ positive case can be made for Cloddach Bridge work
Councillors will decide if the £30,000 pre-feasibility study should be carried out at a meeting next week.
A full business case is expected to cost the local authority around £150,000.
In her report consultancy manager Debbie Halliday said it was “unlikely” a positive case could be made to carry out the work needed.
She said: “A full business case is estimated to cost in the region of £150,000 to prepare.
“This would not be eligible for grant funding.
“Decisions of the council are needed to enable officers to navigate discussions with the UK Government, local community and other stakeholders relative to the future of the bridge.”
Cloddach Bridge has been closed to cars and vans since February 2022.
However, it can be used by pedestrians and cyclists.
In February, councillors decided agents spending just over £30,000 to look at options for opening the span to vehicles up to three tonnes.
£1.5m UK Government funding
The local authority has to find £20m over the next two years to balance the budget.
Closure of the bridge has caused difficulties for residents including increased journey times for pupils going to school in Elgin.
There are also fears police, ambulance and fire services face problems getting to emergency situations.
The local community is keen to seek funding from other sources to reinstate the span.
It would take almost £3m to replace the bridge.
£150,000 business case cost
Repairing it so it is suitable for cars and lorries would be around £2.34m.
Reopening the span to vehicles would bring an economic benefit of £74,000 a year to the area.
However, the bridge is seen as low priority for repair, as the maximum diversion for people getting to Elgin from Birnie is six miles.
Also the road is not a critical route as there were fewer than 7,000 vehicle movements on it a day.
50% match funding needed
The condition of Cloddach Bridge has deteriorated over the last two decades.
In 2001 a 7.5 tonne weight restriction was applied. That was lowered to three tonnes in 2019.
Then a two metre height restriction was put in to stop non-compliant vehicles from crossing.
But it was repeatedly hit by drivers in the months before it was closed to motorists.
Also, if the bridge is deemed to be unsafe it will be closed and demolished.
That would cost £333,500.