The 1880s pub is owned by Vulcan Hotel Ltd, which includes about 50 shareholders and seven directors.
It leases the building to publicans Jude and Mike Kavanagh, who have run the business for about eight and a-half years.
Director Brian Turner, of Oturehua, said at the company's recent annual meeting, directors were given approval by shareholders to look at selling the property.
Mr Turner said he would not "speculate" on what the property was worth, but directors wanted to know whether people were interested in buying the Vulcan and at what cost.
"We've been mulling it over from time to time during the last two or three years and we're just going to see what interest there is. We are not bound to take any offer . . .
"We are thinking of putting it in the hands of real estate agents and will invite expressions of interest for that early next year," he said.
"The directors feel it's time to enhance and broaden the Vulcan's appeal and that private ownership may well be the best way to do this."
Mr Turner said shareholders and directors wanted the pub to remain operating in the historic gold-mining village.
"St Bathans without the Vulcan Hotel wouldn't really be St Bathans," he said.
Mr Turner said it was likely the Kavanaghs' lease would next be considered late next year.
Vulcan Hotel Ltd was incorporated in 1987 by people concerned the pub could be closed and its licence used elsewhere.
