The council's cabinet has been asked to consider refinancing the contract to run the energy from waste facility in Great Blakenham, in a move that could result in £10.4m in savings over the remaining life of the contract.
The council has confirmed that discussions are taking place between itself, the environment ministry and private partner Suez.
Under the plans, the gate fee per tonne of waste could reduce, helping the council to cut costs on the project, which is due to run until 2035.
“It is only right that in the light of the financial pressures facing the council that we seek innovative ways to make savings," said cabinet member for waste, Paul West.
The proposal will be considered by the cabinet at its meeting on Tuesday 4 December.