Bo'ness Recreation Centre could close - with repair works set to cost more than £4 million.
Falkirk Council will discuss a report next week which says the facility should be shut "as soon as possible", due to concerns over its condition.
Residents campaigned last year to keep the venue open.
The local authority is facing a budget gap of nearly £64 million over the next five years.
Malcolm Bennie, Director of Place Services said: “The independent survey shows the Bo’ness Rec has reached the end of its life and there is a serious risk of imminent failure. That failure could present a future risk of injury to users and employees at the building.
“To rectify the issues would require an initial investment of more than £4m, and the Centre would need to close or partially close to allow the works to take place. At the end of that residents would hardly notice any difference because the money will go on things like wiring, new boilers and repairs to the pool tank. The centre would still be unsuitable for the demands of modern leisure and sports use, and the Council would need to find more than £400,000 a year to fund the investment.
“Officers are recommending that spending on this scale does not represent good value for money, and that the Council should close the building as soon as possible. Alternative investment in the school estate could offer new benefits to residents in Bo’ness and the rest of Falkirk.
“It is now up to Elected Members to consider the information before them and decide on the best way forward for Bo’ness and the wider Falkirk area.”