The previous Labour government decided sell off the venue in 2009 but the current government reviewed that decision and will now retain its freehold interest in the building, which will remain as an event venue.
The Department for Communities and Local Government is exploring options including a short-term operating contract or a lease to the private sector, but says it will consider other options proposed.
The venue – which will be Italy’s base during the Olympic Games this summer - has proved to be of "considerable economic benefit" to the area, according to Westminster City Council. It creates an annual net surplus from trading of more than £2m.
The government says any sale or privatisation of the centre should maximise value for money for taxpayers.
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