The airstrip, closest to the 29,028-foot Everest, will be called the Tenzing Hillary Airport, the BBC reported, quoting the Himalayan kingdom's Tourism and Civil Aviation Minister Prithvi Subba Gurung.
Tenzing Norgay died in 1986 and Hillary died last month in New Zealand, the report said.
Gurung said the route from the airstrip to the 18,500-foot base came of Everest will be named the Tenzing Hillary Trekking Route. The trek through some of the most spectacular sights can take several days depending on the time needed for acclimatization.
Gurung told the BBC the Nepalese government is also considering naming a Himalayan mountain after the two climbers.