The group, made up of about a dozen people, is undertaking a survey, which closes on Friday, to gauge public demand.
It has already surveyed possible vendors and stallholders.
At least 20 have expressed interest in a professionally run and long-term market.
The next step would be a full feasibility study which would then lead to a final decision being made on whether or not to go ahead, a member of the working group, Dixie Boraman, said yesterday.
A farmers' market was set up in Oamaru some years ago, but lapsed.
"A number of people still think, `why can't we have a farmers' market in Oamaru?' and it grew from there to setting up a working group," she said.
This time, if another is established, Mrs Boraman said it would "be in for the long haul".
The group is working with the Waitaki Development Board, which has been asked for funding for the feasibility study, and Oamaru Whitestone Civic Trust on the proposal.
"We're not leaping in boots and all, just seeing if it will work.
"It has to be sustainable and professional."
Already, there has been about 150 responses to the public survey which closes on Friday.
"We're thrilled with the response.
"They have been very positive, but some strong feelings about a number of different issues we need to look at," she said.
That included where the market should be held and on what day.
At this stage, a weekend day was the most favoured, Sunday morning "being slightly more preferable".
People also liked the idea of having produce available from the Waitaki region, with a "Taste of Waitaki" theme.
Mrs Boraman emphasised the surveys were only the start, as they would be followed by the feasibility study.
Final decisions would then be made, allowing enough time for the market to start in the new year.
If a market was established, initially it would be for local people but Mrs Boraman also hoped that it would, over time, also attract tourists.
