The two were the first to make it to the top of the world's highest mountain in May 1953.
A Nepalese government panel has recommended two unnamed mountains be called Hillary Peak and Tenzing Peak, the panel's head Ang Tshering Sherpa told Reuters on Friday.
"This is to honour their contribution to mountaineering in Nepal," he said.
The two peaks - Hillary's at 7681m and Tenzing's at 7916m - have never been climbed, but are expected to be opened to climbers in March.