It is understood workers have been told the Fyshwick site will close.
A spokesman for the Shop, Distributive and Allied Employees’ Association said the union was working with staff members who been told about the move from Fyshwick to the airport.
It was working to ensure all staff who wanted to make the move remained employed and was also working with staff who wanted to move to other locations.
But in a statement, a Bunnings acting state operations manager Robyn Hudson said no final decision had been made on the move.
“It is likely the location will continue to trade in one form or another,” she said.
“Team members will either relocate to the new Canberra Airport site or remain at the current Fyshwick store.
“We will continue to ensure our team members and the community are kept up to date with any progress on our plans.”
In August last year, Home Consortium announced the acquisition of 61 Masters properties and indicated a number would be repositioned as Bunnings, but did not confirm whether the Canberra store was among them.
Bunnings has 326 stores across Australia, four of which are in the ACT: in Fyshwick, Gungahlin, Belconnen and Tuggeranong.