An appeal is underway to raise funds to clean and restore the central London's twelve bells, which weigh up to three tonnes each.
A report by the City of London Corporation found: "After nearly 140 years of constant use, there is a risk that ongoing deterioration will result in the bells falling silent and, more drastically, that one of the bells could fall from its bearings, causing serious damage to itself and the installation."
The policy and resources committee at the City of London Corporation will meet next Thursday to discuss whether the authority should make a £30,000 donation.
Nick Bodger, the Corporation's head of cultural and visitor development, told the Evening Standard: "The request of £30,000 towards the restoration of these bells is considered justified by officers who have cited the positive PR sponsorship may generate and the traditional role of the bells in national occasions."
So far, pledges totaling £268,000 have been made towards the restoration of the bells, which were installed in 1878 during the region of Queen Victoria.
Mr Bodger added: "St Paul's Cathedral is an iconic symbol of the City's skyline, and plays a pivotal role in positioning the City as a strategically important location within London and the UK."
Rung three times each Sunday, the bells also ring out on significant national occasions and have only been silenced during wartime.
St Paul's Cathedral told Premier there is no issue of safety concerning the bells.