Government plans to sell the Nunnery on the edge of Douglas could trigger a shake-up of facilities at Isle of Man College.
The Manx Educational Foundation has been offered an exclusive deal to buy the Nunnery building and estate for £5 million.
The charity wants to create a specialist ICT university and now has six months to attract £12 million of private funding to invest in the project.
Meanwhile, higher education students currently taught at the Nunnery site will be re-located at Isle of Man College.
Department of Education boss Professor Ronald Barr says developments at the Nunnery will have a domino effect, sparking a re think on college facilities:
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