The Oxford Eagle reports that the project is part of a $95 million wish list Ole Miss has presented to the state College Board.
Ole Miss bought the 69-acre site for $3.4 million about two years ago. Whirlpool, which at one time employed hundreds at its Oxford plant, closed the facility in 2009.
Ole Miss architect Ian Banner says planning is in the early stages.
Colleges throughout the state recently submitted their list of future projects to the College Board.
Banner says all universities are asked to give the board with a prioritized list of top projects in need of state funding.