The museum has the potential to house more than 1500 items of war memorabilia and extensive collections of cultural, civil and military items. 

The Horsham Regional Museum Working Group has completed stage one of a feasibility study, which was presented to Horsham Rural City Council on Monday night.

The study revealed Horsham to be one of the few regional cities in Victoria without a dedicated centre for heritage displays. 

The proposed cost of the museum was $9.45 million, but that figure will be analysed further in stage two of the study.

Councillor Pam Clarke said the city had a huge collection of cultural and historical items, but it was the only regional city in Victoria that did not have a museum to showcase its history. 

She said the group needed to "dream big" during the early stages of the project. 

"It's important, as a culture and society, that we have the capacity to look back, to look forward," she said.

"We need to dream big from the start and if we don't quite reach it, then at least we are higher than if we reach low."

Mayor Mark Radford said the community should not underestimate the importance of a regional museum.

He said the city had a history worth sharing, but it was one that was difficult to tell.

"We might not have a gold history story like Bendigo or Ballarat, but the Wimmera's pioneer story is based on hard work and determination and it's a story worth telling," he said. 

"There are risks identified in the report, but the biggest risk is losing the people and their stories."

Cr Josh Koenig said the city had history that needed to be recognised. He said he was excited to see where the project could go. 

Cr David Grimble said there was a "massive interest" in preserving the city's history and said the council should seek comment from the community despite the project's early stage. 

He said the public's opinions could advance the group's discussions about a suitable location for a proposed regional museum and possible funding streams. 

Related: Study into a new museum of Wimmera history

Cr John Robinson said early feedback from the community could help inform decisions and create a museum that the public wanted. 

"It is important to get a sense of what the community would like and it might drive this project into a different direction, depending on what the community tell us," he said.

The council has referred the feasibility study to the Wimmera River and Central Activity District Visioning Concept Plan project for consideration. 

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