The former site of the American Adventure theme park will be sold to one of three developers.
The theme park, in Shipley closed in February last year after a drop in visitor numbers and has stood desolate ever since with the last of the rides being demolished last year.
A Derbyshire County Council spokesperson said it had been contacted by 17 parties interested in developing the site.
She said: "We considered all of the proposals and have invited eight applicants to present their ideas to us.
"After we've listened to all of the proposals we will draw up a further shortlist of three buyers who will present their ideas to our members to consider."
Prospective developers will need to get planning permission from Amber Valley Borough Council before any development can take place.
The spokesperson added: "This process will follow the usual planning procedure in which local people including liaison groups and local representatives are notified of any proposals and consulted throughout the decision-making process."
Shipley Lakeside Development Liaison Group, a group of residents who formed because of their interest in the future of the site, will gather local opinion and comment on the proposals.
Clerk of the group, Gemma Cripwell said: "We have been promised that we will be provided with details of the final three applicants and allowed to respond to the council on local opinion.
"As soon as we have further details we will be arranging a further meeting of the full group to discuss the three proposals."
The group have requested a meeting with the county council to put over any issues which may come about once the three developers have been confirmed.
The county council could not disclose who the eight companies interested in the site were or how much it was being sold for.