It follows the collapse of the company that ran the festival earlier this week. It's understood the organisers owe contractors thousands of pounds.
Matt Ramsbottom, Managing Director of Credible Media told the Chronicle "I know the festival is loved by the people of Oldham, especially in Saddleworth.
"I DJd at this year's event and got to talk to the customers first hand. If we can save the Oldham Chronicle, we can save the Cotton Clouds festival"
It's understood any revival of the event could happen in time for the festival next summer.
This year's Cotton Clouds festival was staged at Saddleworth Cricket Club, in Greenfield, on the 16th and 17th August.
Featured artists included Peter Hook & The Light and The Wailers.
