Toronto should sell the rights to rename subway stations to the highest bidder, Coun. Doug Ford suggested on Tuesday as the city mulled its relationship with the private sector.

Ford, the brother of Mayor Rob Ford, said the city should look into selling the naming rights to TTC stations as a new revenue source, suggesting no one would really care if a company name was attached to a subway station.

"If you want to pull up to the McDonald's subway station, so be it." Ford told reporters on Tuesday.

Next week, the city's executive committee will consider ways to bring in extra revenue for the corporate sector through sponsorship or the sale of naming rights.

Mayor Ford says that with a $774 million funding gap next year, it is time to get the private sector involved.

"If they want to advertise on a bridge or something. We see a lot of advertising on the Gardiner or (Highway) 427, I wouldn't oppose that. It is money; it's revenue and we need that revenue," Ford told reporters.

While Doritos City Hall is likely off the table, nearly everything else could go up for sale to the highest bidder. The names of city-run buildings like Metro Hall and landmarks like Casa Loma could soon be on the market.

Last year the city secured sponsorships worth about $44 million and some councillors believe that, if done properly, selling naming rights could be an easy way to raise even more.

"Let's say Cadbury was interested in getting a sponsorship for Sugar Beach, I don't think anyone would have a problem with that," said Coun. Denzil Minnan-Wong, chair of the public works committee.

"I wouldn't rename a public health office – I wouldn't let Viagara sponsor it. That would be completely inappropriate, right?"

TTC chairwoman Karen Stintz said she has already looked into selling the naming rights of the stations and whether the money raised by selling sponsorship would cover repairs needed across the transit system.

"We're looking at all options, because we want to refurbish our stations and we know we are going to need help to do that. We are looking at options but it's too early for me to say what that would look like," Stintz said.

With a report from CTV Toronto's Alicia Markson