An agreement has been reached to sell the old Tioxide site at Heybridge on the North-West Coast to the Marinus Link company.
Both the buyer and the seller don't want to discuss the transaction, other than confirming they have signed an agreement to go ahead with the sale.
Burnie Mayor Steve Kons said the council had agreed to sell the old Tioxide site to Marinus Pty Ltd.
"The council confirms the sale as per its October agenda, however due to commercial confidentiality, is unable to disclose further details at this point in time," he said.
A spokesperson for TasNetworks, which owns Marinus Link, said it was planning a public release on the acquisition and how it fitted with its plans for the second Bass interconnector project.
"TasNetworks is planning to publicly release the proposed route for Marinus Link in coming weeks.
"The former Tioxide site has been considered as a potential site to house Marinus Link converters.
"TasNetworks is still conducting investigations on suitable converter sites and a final decision on this site has not been made.
"More information will be communicated to the public in relation to the Tioxide site as part of the Marinus Link route release."
The Tioxide plant, which closed in 1996, produced high-polluting paint pigment.
Former owners the Echo Group oversaw significant land remediation work on the block after the plant closure.
The council bought the land in 2008 for $2.5 million, with the aim of offering it as an industrial estate.
However that idea found no takers, and in 2013, the council entered in an agreement with Forestry Tasmania for access to part of the block to store logs and equipment.
The then Mayor, Steve Kons, said it was a great use of the site, which had been vacant for "far too long".