City councillor Peter Baillie told the Daily Echo: "Given the loyalty and superb entertainment Matt Le Tissier has given the people of Southampton over many years, I think the Freedom of the City would be a very fitting honour.
"He is blessed with sublime skill and, while I'm a Tottenham supporter, I have always enjoyed following players like Matt over the course of their careers.
"I really don't think Saints would be where they are now as a Premiership club with a wonderful stadium if Matt had left. I think my motion will get plenty of support from other councillors and a special presentation ceremony would probably take place later this summer."
Saints managing director Andrew Cowen said: "The Freedom of the City is a rare privilege and the club would be extremely proud if the honour was awarded to Matt.
"He has a huge resource of loyalty to both club and city and helped keep both in the sporting spotlight. We and all Saints fans wholeheartedly endorse this recognition."