A community group plan to buy the former Tregroes school building for £115k.
The school closed in 2007 due to declining pupil numbers but will now have a new lease of life thanks to the Tregroes School and District Association.
The association already own the next door church hall and now plan to seek lottery funds to buy the school and playing field.
Cllr Gareth Lloyd told this week's Ceredigion Cabinet meeting: "This is a good news story. This association is doing good work in the area already so good luck to them."