Hawthorn Leisure is seeking its first disposal since it bought 275 pubs from Greene King six months ago.
However, regulars at the Lambton Arms in Eighton Banks, Gateshead have submitted a bid to register the pub as an asset of community value.
A campaign has been launched to buy the pub and return it to its original name of the Engine Inn.
A website has been set up by campaigners, which says: ““Our pub, the Lambton Arms at Eighton Banks, is currently up for sale by its owners. This is obviously a concern as we would like it to remain as a pub. It is our intention to raise the money to purchase it and run it as a community pub.
“We intend to revert the pub back to its original name to hopefully break the connection with the cycle of new owners, then closure, which the pub has suffered for the last few years.
“We would look to our local breweries rather than beer wholesalers and would take the place to what it once was, quiet, relaxed, family and dog friendly.
“We could even look at creating a brew pub, as we have people with the interest and the skills and the space and out buildings for a nano brewery.”