Reading Borough Council had said it would need to spend Â£700,000 to bring the Arthur Hill Memorial Baths up to standard.
The authority said it would sell the building to help pay for a new facility in the area in about four years.
However, campaigners have now set up a community interest group in a bid to reopen the pool.
Phil Vaughan, who has been a regular at the baths for 15 years, said he hoped the group would attract grants to fund a reopening.
He said the council had agreed not to drain the pool for a few months.
"We pay taxes, we are entitled to some community benefits," he added.
Alan Hardie, secretary of Reading Dolphin Swimming Club, which used the baths, said: "It's very sad we will all be separating and won't be meeting here on Sunday mornings as we have done for many, many years.
Dolphin member Margery Taylor, who has rheumatoid arthritis and has been using the baths for 20 years, said: "It's quite a social life for people who can't get about so easily - we don't want fancy wave machines, we just want a pool we can swim up and down."
The original 90ft (27m) pool - which six individual hot baths for people who did not have them at home - was opened on 29 November 1911.
During World War One the council agreed to let soldiers quartered in Reading use the baths free of charge.
The building was donated to the town by the Hill family, in memory of Arthur Hill JP who was mayor of Reading four times between 1883 and 1887.

The adapted artwork for the Sgt Pepper's Lonely Hearts Club Band album is worth about ??70,000.
It was created to celebrate the success of the record - released in June 1967 - for Christmas of that year.
The artwork is one of five Beatles album sleeves to feature in the top 10, compiled by Record Collector magazine.
Sir Peter Blake's original Sgt Pepper collage was doctored to replace the faces of The Beatles and other notable figures with those of executives from the band's US label Capitol.
Only about 100 are thought to have been made.
'Main attraction'
In second place, valued at ??7,000, are the first 10 numbered copies of the Beatles' self-titled 1968 record, which became known as The White Album because of its plain white cover.
The band's name was embossed on the front of the sleeve, which was designed by pop artist Richard Hamilton, along with a unique stamped serial number.
In third position was a pair of sleeves designed by Andy Warhol.
Madrigals' 1953 work Magic Key To Spanish Volumes 1 and 2, and spoken word anti-crime lecture The Nation's Nightmare, from 1951, have been valued at ??3,500 and ??3,000 respectively.
At number four was the bizarre US-released compilation album Jolly What! England's Greatest Recording Stars: The Beatles and Frank Ifield on Stage.
The 1964 album, featuring the songs of both the Fab Four and crooner Ifield, is valued at ??3,000.
The Beatles  were also in eighth place for the original album sleeve created for the US release of their Yesterday And Today record in 1966, which is valued at ??2,000.
Known as "the butcher sleeve" because it featured the musicians posing with dismembered doll parts and slabs of meat, it was quickly withdrawn from the US market.
List compiler Ian Shirley, editor of the Rare Record Price Guide 2012, said: "While pristine records and inserts are vital to securing a top price, the numbered sleeve is the main attraction.
"The hunger to collect low numbers remains undiminished amongst Beatles fans."

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4 May 2015 Last updated at 16:22 BST
It's a big deal for people across the country, but everyone's watching Scotland in particular.
This is because the election result could have a huge impact on who runs the next UK government.
Jenny went to a youth club in Glasgow to find out more.
A 104-year-old swimming pool has closed after a council said it could no longer afford to repair the building.
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A Beatles sleeve which features the faces of music executives in place of the Fab Four has been named the world's rarest album cover.
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The UK's biggest vote - the general election - takes place on 7 May.