Residents are being asked what kind of watersports they would like to see on Stanley Park lake as part of a £27,000 study into the future of the beauty spot.
Blackpool Council has secured the grant from the government's Coastal Communities Fund.
Read more Study to get to bottom of weed invasion at Blackpool's Stanley Park lake
Part of the funding is paying for ecological research into algae and silt which has affected the lake to find the best solution for managing the environment without adversely impacting wildlife.
The other slice of the cash will be used to investigate new leisure opportunities to develop additional watersports such as windsurfing.
Activities could be linked to the high ropes project also at Stanley Park to offer participants a wider outdoor adventure experience.
Another option could be to use the lake for open water swimming as part of future triathlon events which are becoming increasingly popular.
As part of the initiative, the council through its Facebook page has asked people what they would like to see introduced.
Coun Maria Kirkland, cabinet member responsible for parks and leisure, said: "We secured funding from the Coastal Communities Fund and are now currently undertaking two studies at Stanley Park.
"One is an ecological study which is looking at issues such as the pondweed in
the lake and possible dredging solutions whilst ensuring the wildlife, natural plant life and vegetation is protected.
“The other study is looking at the potential opportunities of enhancing the range of waters sports based activities that could be offered on the lake.
"These could possibly be activities such as sailing and windsurfing. Specialists are looking into the experiences of other places in the country to better
understand if such activities would be viable at Stanley Park."
The council hopes to have gathered all the feedback in the coming weeks.