The council has been seeking to buy the 0.34 hectare former public house site to provide parking and a drop-off point for the expanding Blackridge Primary School, and negotiations are continuing with the new owner.
A draft CPO application will be submitted to the Scottish Government by 28 February, with the aim of completing the process by November 2020.
Leader of West Lothian Council Lawrence Fitzpatrick said: "We hope to bring this highly visible piece of derelict land on Blackridge's Main Street back into beneficial use, with the local community keen that we take steps to acquire it.
"The expansion of Blackridge Primary School, with the upcoming addition of the new nursery, means that it's vital we take steps to improve access to the school for the growing population.
"Negotiations will continue with the landowner, with the CPO promoted to ensure we have the land required in time to allow us to deliver the planned improvements to the school, which also includes a new multi-use games area (MUGA)."