The Belfast Titanic Society was concerned when news that the success of the wheel could result in its stay being extended past the original March deadline, because a Titanic memorial is surrounded by the wheel.
Una Reilly, chairman of the society, said however that the council had informed them that though the wheel will stay beyond March, thereby affecting the 2008 memorial service, it would be gone by the following year.
Every year in April, a small memorial service is held at the foot of the imposing Titanic Memorial on the east side of the City Hall, to remember the 34 local people listed among the victims of the 1912 tragedy.
At the moment, however, the base of the statue – the female figure of Thane looking upon two sea nymphs bearing a drowned seaman in their arms – is partially concealed by the structure of the Big Wheel and its pedestrian walkway.
The society's concern emerged when it was revealed the company which owned the wheel had asked the council for permission to extend its stay.
Thousands have flocked to get a 200ft bird's eye view of the city since the 60m structure was erected outside City Hall in October.
It had been planned to take the wheel down in March. However, Belfast City Council has been asked to let the wheel stay until December 2008.
The council's policy and resources committee will consider the application on January 7.
Yesterday, Mrs Reilly said: "We were concerned when we heard that it was being proposed that the Big Wheel would be extended but I have been assured that it won't become a permanent feature, which was our big concern.
"We will hold the council to its word," she said.
"Arrangements will be made to have the usual memorial service in 2008 but we are obviously behind the fact that it should be moved."