Lathams is working with heritage tourism consultants to carry out the research.
The research will look at what is needed in the Green Lane area of the city, where the building is situated, what it could be used for and potential costs.
"Funding bodies recognise independent studies like this and see them as a necessary step before they give funding so it is essential this work is done for the city."
Ian Rice, project development officer at the heritage fund, said it would expect the council to give a commitment to helping acquire the building from its private owner.
The council's expenditure is set to rise further as Mr Leslie said more repairs were needed to the building following a recent fire.
said its discussions regarding the Hippodrome were now taking place with the finance company with which Mr Anthony took out a mortgage on the building.
CAMPAIGNERS hope that an expert study into how Derby's former Hippodrome theatre might be brought back into use could help secure the future of the badly damaged building.
He added: "Of course we wouldn't expect the council to buy the building if there is no viable future. That is what this study is about."
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First steps in battle to save the Hippodrome
The majority of the costs of the research are expected to be covered by the Architectural Heritage Fund. It puts money towards listed buildings or those in conservation areas and can pay up to towards the cost of the study.
It has recouped only a fraction of that, believed to be about through a voluntary agreement that was put in place between Mr Anthony and his creditors to avoid bankruptcy.
He said that could be conditional on the building being sold on immediately.
The Hippodrome Restoration Trust has been putting pressure on Derby City Council to use its powers to compulsorily purchase the building from Mr Anthony.
Mr Leslie said: "We have always said we cannot commit ourselves to that. The only caveat would be if someone came forward and gave an unconditional commitment to take that building immediately off us and to compensate us for any compensation paid to the owner and meet our administrative costs of pushing through the compulsory purchase order."
"There is no 'do nothing' option because this is a listed building, so there is a duty of protection."
City architects' firm Lathams has been appointed by the Hippodrome Restoration Trust to carry out an options appraisal on the Grade Two listed building.
Derby Telegraph he no longer has "much to do with Nike Kyrie 3 Shoes
Following that initial phase, a detailed business plan will be put together.
He said: "Loose slates on the roof need removing along with a dormer window but we have not yet got a price for those works."
The building, owned by businessman Christopher Anthony, was left partially demolished in 2008 when work ordered by him caused major damage.
Its chairman, Joan Travis, said: "It is good to be taking a positive step towards securing the future of the building so I'm really pleased that architects have been appointed.
The Hippodrome Restoration Trust hopes the remainder of the costs will be covered by the council.
The council has already spent about Nike Flywire Metcon Tr on legal costs and emergency repairs to the Hippodrome.
Stuart Hodgkinson, from Lathams, said: "We will find out what there is a perceivable need for such as commercial offices, theatre or housing in that particular area.
Mr Anthony previously said he would be willing to sell the building, which was said in court last year to only be worth around in its current state. He has now told the Nike Lebron James 11
"We then see if we can establish what might go into the building, looking at the condition of it and how much that might cost.
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