VESTAS could be next in line to acquire the former Stag Lane tip from the Isle of Wight Council.
The wind turbine manufacturer has approached the local authority seeking preferred bidder status for the landfill site, next to the Newport to Cowes cycleway, after controversial plans for a £130 million biomass plant there were dropped by developers Real Energy.
Vestas owns the adjacent West Medina Mills site, which is home to its £50m research and development centre.
Despite the move, Vestas Technology UK managing director Rob Sauven, said he was not hopeful it could be developed.
Previous estimates for decontaminating only half the site, which contains animal carcasses, fuel oils, clinical and construction waste, range from £3.5m to £5m.
"It's a very contaminated piece of land which has been unusable for half a century. We have simply said we will look at the site to see if there is any value we can gain from it.
"Perhaps it could be used for storing blades but it would probably take five years to decontaminate the land.
"It's not something I have huge hopes for, but because it's right next to us it would be silly not to have a look," he said.
A report due to go before the council cabinet next Tuesday, recommending approval to treat Vestas as a special purchaser, states jobs would be created if Vestas used the land to expand its Newport facility.
Any final terms of sale agreed with Vestas would be subject to further consideration by the cabinet and full council.