Exact details are still to be finalised, but plans consist of using the building for events and activities involving local residents.
Cllr John Thomas, Leader of the Vale of Glamorgan Council, said: “The Council was impressed by the tender put forward by GVS and now looks forward to working with them to bring these exciting proposals to fruition.
“When we considered the future of this site, I was clear in my view that the building should continue to be used for community purposes for the benefit of residents and the town of Llantwit Major.
Rachel Connor, Glamorgan Voluntary Service, Chief executive, said: “GVS is delighted to be in negotiations with the Vale of Glamorgan Council to purchase the lease for the Llantwit Major Youth Centre building.
“We hope to develop a vibrant community facility that will become a beacon of community, wellbeing, digital and enterprise activity meeting the needs of all sectors of the population of Llantwit Major and the western Vale.”