Peat extraction bosses say they will stop digging on Lindow Moss if they are allowed to build homes on the green belt site.
A public exhibition is being held on proposals to build 14 houses at the peat bog, which has been dug since the 1950s.
The owners promise to restore the bog to a wetland habitat with public access if the plans are given the go-ahead.
They say this would reduce heavy traffic and preserve the wildlife and archaeology of the land on which Lindow Man was discovered in the 1980s – a prehistoric man thought to be 2,000 years old.
The owners have a contract to dig the material – formed from decayed plant matter and used for fuel and growing – until 2042.
The digging has caused complaints from some residents over the years, with concerns over its impact on the landscape.
Tony Evans, from the Saltersely Common Preservation Society which aims to protect the bog, said: "They cannot restore the peat bog, it takes thousands of years to grow again.
"But it could be a wonderful wetland with some work." He said the housing plan might be the better of the two scenarios.
He added: "It’s the green belt, but it may be the price we have to pay."
The site is owned by Andrew Rowland and Richard Bond who live in Somerset, operated by their company Croghan Peat Industries Ltd.
There are 28 hectares for peat extraction.
The new homes would be built on two hectares to the south used for the storage, processing and distribution.
A planning application is expected in the next couple of months, with a Section 106 agreement to stop peat extraction.
It follows a failed proposal to build 32 houses and apartments in 2008.
Ben Malin, of Terraqueous Ltd, an environmental and planning consultancy and the landowners’ agent, said: "We’re finally moving forward with our proposals to bring peat extraction to an end, with early restoration to a nature reserve.
"This will be made possible by a modest development of 14 family homes.
"I hope we will shortly be in a position to submit the planning application with public support."
The public exhibition is on Friday, January 24, 4pm to 8pm, and Saturday, January 25, 10am to 2pm, at Ned Yates Garden Centre on Moor Lane.
