It has been up for sale since 2014 and the price dropped to £550,000 last year from £650,000 in 2016.
Estate agents Kingswood said there were some offers on the table.
The historic city building was originally owned and operated by the University of Central Lancashire.
It was Preston’s first art school and has been part of the city’s educational heritage since 1849.
It was sold in 2009 due to high running costs to Yousuf Bhailok for about £300,000 to be used as Darul Uloom Islamic Institute.
The grade-II listed building started to operate as an Islamic higher education college in 2013 but was empty by 2014.
Historic England’s Heritage at Risk Register gives an annual snapshot of the critical condition of some of the country’s most important historic buildings, sites, monuments and places.
Fishergate Hill, designated as a conservation area, has been on Historic England’s At Risk register for the past nine years.
The Harris Building is said to be in a “poor condition” and in “slow decay” whilst the Fishergate Hill was considered in a “very bad condition” and “deteriorating”.
Church of St George the Martyr is also on the list and it was assessed as being in a poor condition.
To find out what places are at risk near you, visit the Heritage at Risk interactive map.