Culture minister David Lammy has spot-listed the 19th-century Newark Works, the building which currently occupies the location.
The double Stirling Prize-winner redesigned its original plans to include retention of the facade.
But this is unlikely to be enough and the building - by British-born Thomas Fuller - will probably have to be saved.
Fuller designed the building in the early stages of his career before emigrating to North America, where both he and his designs became famous - he designed the first Canadian Parliament in Ottawa and the New York State capitol in Albany.
Some of the most impassioned opposition to the demolition plans came from Canadian conservationists.