Hope is alive among Winnipeg hockey fans that the city's namesake NHL team could potentially rise from its grave in the near future.

With the Phoenix Coyotes in the midst of bankruptcy court proceedings, some fans believe there is a chance the NHL franchise could one day return home to its roots.

It was in December 1995 that the Winnipeg Jets learned the team would be moving to Arizona. And by the start of the next season, the Winnipeg team that had made its way from the WHA to the NHL, was gone from Manitoba.

"It's been a hot button topic ever since they left in '96," said Lauren Robb, an ardent fan and the curator of Winnipeg Jets Online.

Of course, the fans who wish to see the resurrection of the Jets know that Blackberry billionaire Jim Balsillie -- if successful in his bid to gain control of the franchise -- wants to bring the team to Southern Ontario, a many-hours drive from the Manitoba capital.

But these fans also know that NHL Commissioner Gary Bettman has not been prone to seeing eye-to-eye with Balsillie's efforts, past and present, to own his own NHL team.

And perhaps most importantly, they know Bettman has allegedly been quoted in court documents saying he prefers a relocation destination for the Phoenix Coyotes that is a little further west.

"Winnipeg is one of the top locations in Canada where he'd like to see a franchise come to," said Winnipeg Mayor Sam Katz. "I like to hear that as mayor of the city."

The true believers say there are many things that have changed in Winnipeg that make having a team in the city more likely -- such as a newer stadium and the fact that fans are interested in filling its seats.

But there are other issues, like a lack of investors, that may well make the return of the Winnipeg Jets an impossible dream. In addition, Winnipeg's MTS Centre only sits 15,000 hockey fans, which would be by far the smallest NHL arena.

"They'd have to find some way of raising money for a franchise and that's a problem," said Phillipe Cyrenne, an economics professor at the University of Winnipeg.

It is possible that several investors could put together a single bid, but it's not a favourable arrangement in the minds of NHL officials.

But for the fans like Robb, who refuse to believe the dream is dead, they know the anticipated relocation of the Phoenix Coyotes may be the closest they have ever been to seeing the Winnipeg Jets return to home ice.

"This has been the strongest case yet," Robb said.

With a report from CTV's Jill Macyshon