The 1930s building has sat empty since it was closed in 2008, but the county council and district council are now looking to buy it.
Aylesbury Vale Advantage, which is handling the purchase for the councils, did not say what use was being considered for the site on the corner of Walton Road and Exchange Street and would not comment on reports the building is to be demolished if bought.
Aylesbury Vale Advantage’s Richard Harrington said: “Both councils and AVA are working together on bringing forward draft proposals for phase one of the development of Waterside north which includes the old police station site.
“If we are successful in buying the building, there are a number of options we will explore for its future use as part of the bigger scheme.
“It’s too early to say anything more at the moment.”
The Aylesbury Society unsuccessfully tried to get the building listed three years ago.
The society’s honorary secretary Roger King said it would be a shame if the building was demolished as part of the redevelopment.
He said: “It wouldn’t surprise me. That’s what they do, they’re demolition experts.
“It would be nice to keep at least one of the wings.
“There’s no reason why that building can’t be turned into a pub or restaurant. They could even have accommodation upstairs.”
Much of the Waterside north site is currently used as a surface car park. Authorities hope to eventually have a mixture of shops, restaurants and parking there, with plans due to be unveiled in the summer.