The Southern Swimming Pool has been informed that a Tynwald recommendation will be made for the pool to close permanently on March 31, 2024.
The reason for the decision is purely on financial grounds, according to an email which followed a meeting between the swimming pool board, the education minister and the chief executive of the department.
The recommendation is being made on behalf of the Department of Education, Sports and Culture, and will be voted on in February's Tynwald sitting.
The decision will form part of the Regional Sports Hubs plans.
The future of the pool has long been questioned due to financing.
The pool reopened last week, having been closed since mid December. It came after an EGM by its board revealed urgent work was needed to be done to it to make it safe for public use.
The board had said that structural concerns with pool hall lights and insufficient lighting levels had led to the temporary closure, but temporary safety supports and enhanced lighting had meant that the pool could reopen.
Over the past 12 months, the pool has had its costs underwritten by the government.
Last year, the board at the southern pool had warned its employees about a potential closure unless government support was forthcoming.