In January, talks between a developer and the authority broke down as they failed to agree a price for the work.
Councillors will look at how savings can be made, if other funding can be found, or failing that may shelve it.
Bristol City Council says it has put aside £123m to pay for the venue and infrastructure. It has so far spent £9m on preparing the site for development.
One aspect being considered is reducing the size of the car park from 500 spaces to 200. Further feasibility work would cost £500,000.
The report also acknowledges the impacts of redesigning a cheaper arena.
A redesign could result in "significant technical simplification, reduction in visual appeal and reduction in the quality of the visitor experience," the council said.
New planning consent would also be needed, pushing up costs.
Another issue is building costs for materials and labour, which have risen, since the council agreed the scheme in February 2014.
The report will be considered on Tuesday by cabinet members.
Negotiations with a new contractor are set to begin in early April.
Bristol Arena may be scaled down or scrapped depending on a value for money review by the city council.