The Bowyers factory at Trowbridge should be used for long-term employment use rather than housing or retail use, the council has said.
West Wiltshire District Council said the factory was a "vital part" of the town's employment heritage.
It is working with the South West of England Regional Development Agency (SWRDA) to establish the site's potential ahead of closure next April.
Owners Pork Farms announced in July that the factory would close.
'Sufficient housing'
Councillor Michael Mounde said he was pleased the council was talking to SWRDA and Pork Farms Ltd.
"We must be very clear any future development in this location will be for employment," he said.
"We have more than sufficient housing and retail schemes in the pipeline thanks to the Transforming Trowbridge initiative."
A spokesman for Pork Farms said the company had been part of the town for several generations.
"Obviously while we regret that we have to move away, we want to do all we can to leave Trowbridge with a positive legacy of our time here."
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