The festival, combining science, arts, heritage, music and drama, is organised by SKDC and celebrates the legacy of, and local links to, Sir Isaac Newton.
Three options are being considered: to continue planning the festival for this year; to postpone it to next year; or postpone it to 2022. The third option has been recommended for approval and the final decision is due to be taken by 8 April.
SKDC Leader, Cllr Kelham Cooke, said: "This is not a decision that will be taken lightly, Cllr Trollope-Bellew as the Cabinet Member for Culture and I have discussed this at length and public safety is our main priority and in the current circumstances we have to be looking ahead.
"There is no guarantee that movement and gathering restrictions will be lifted by September, to the extent that the Gravity Fields Festival can take place. In addition, from a practical and financial perspective, as with any major event, there are plans and preparations that need to take place in the run-up period and in the current circumstances, those can't happen."
The festival usually attracts funding from Arts Council England for the event's traditional Saturday night outdoor spectacular, but funds have been redirected to a creative arts crisis funding package.