Plans have been floated since 2007, when developer Yorkshire Land bought the Lairds Way site for more than £500,000.
A report to be discussed at Wednesday’s meeting of Barnsley Council’s ruling cabinet reveals progress is already being made to negotiate the acquisition of the land, ahead of its sale to South Yorkshire Passenger Transport Executive (SYPTE).
Ward councillors have estimated the currently derelict land could yield up to 60 parking spaces.
Penistone currently only has 15 parking spaces available.
SYPTE manages park and ride facilities at Wombwell and Elsecar, while Northern-managed sites are also available at Barnsley, Darton, Dodworth, Silkstone Common, Goldthorpe and Bolton-upon-Dearne.