A plan has been drawn up by Newtownabbey Borough Council and several local landowners which could see a massive section of the hill transfer into public ownership in the near future.
The proposal, which has been put to the Belfast Metropolitan Area Plan (BMAP) team for consideration, would see around 160 acres of land transferred into council ownership in exchange for about 30 acres being zoned for development.
Alderman Paul Girvan, who was among those who represented the council at a recent hearing with the Planning Appeals Commissioner, said the aim is to secure the future of the hill as public space, open up access to the area, and possibly even create a country park.
"What's been envisaged is to create an area of public open space on the hill which would help to protect it from development for ever and a day.
"We want to open up public access to the hill. The creation of a country park would probably be the ultimate goal," he told the Times.
If the proposal gets the approval of planners, new areas of housing could be developed on the hill near The Brackens and at Glebe Road beside The Cairn.
However, it is understood that any developments would be restricted to a maximum housing density of 10 dwellings per hectare, and that properties would be no more than two storeys high.
The debate over preservation versus development on Carnmoney Hill has been ongoing for the past 30 years, and the council is hopeful that this agreement with the private landowners will finally resolve the issue.
"The council accepts that whilst the additional areas of housing would have a landscape and visual impact, they are considered acceptable in the context of the wider public gain.
"The council supports the proposals to allow some development subject to several strict conditions, including appropriate public access to the hill being provided and the landowners paying a financial contribution to the cost of the development of the land to be transferred to the council," a statement issued by the council said.
"In the event of any land for open space being transferred to the council, the council would intend to work with other agencies to make the space available to the public for informal recreation," a spokesperson at Mossley Mill added.
The council and the landowners must now await a decision from the BMAP team.