The Transport and General Workers Union said it was told by TVR managers that manufacturing of the luxury car would continue in Blackpool but at a different site.
While full details have yet to be given, the T&G believes this decision could save the futures of around 300 workers and could offer re-employment depending on skill levels to some of the 70 plus workers who have been laid off in recent months.
"We’re not out of the woods yet but this looks like positive news after a period of gloom," said Andy Robertson, T&G regional industrial organiser.
"The company will meet with us again a week on Monday but for today I think we can take some credit along with the Blackpool Council and Labour MP Joan Humble for some good news."
It is understood the relocation would be in Lancashire but full details will become clear when TVR and the T&G meet in ten days time.