Chief executive Phil Ker discussed the idea at a polytechnic council meeting when it was agreed it be further explored before a final decision was made.
In a report tabled at the meeting, Mr Ker said money from naming rights could go towards the Otago Polytechnic Education Foundation, a trust established to promote ''the advancement of knowledge and sound learning''.
Mr Ker said he anticipated some staff might not be too enthusiastic about buildings being sponsored.
''My gut tells me that this will be one of those ones that staff will hold passionate views about,'' he said.
The idea was in its early stages and there would be consultation with staff before a final decision was made, he said.
The polytechnic would also look at naming its buildings - which are currently assigned a letter of the alphabet, for example ''H block'' - after significant people in its history.
''The current use of the term block is not only uninspiring but also means that we are foregoing the opportunity for building nomenclature to celebrate aspects of our history including significant people or events,'' Mr Ker said in the report.
Otago Polytechnic Council chairwoman Kathy Grant was enthusiastic about renaming its buildings.
''I feel quite strongly about this issue and I am pleased to see that it is being discussed.''
