More than 100 schools are believed to have possible land to spare, which the board could sell off to generate revenue.
The proposal is part of a larger capital plan that the TDSB has to come up with in order to get back funding from the Ministry of Education.
Because of cost overruns on past TDSB projects, the Ministry of Education has frozen funds until the board pays off a $50-million deficit.
As a result, Chris Spence, the TDSB’s director of education, said it is necessary for the board to generate revenue.
"We don't have a lot of options," Spence told CBC News in an interview Monday.
School trustees will meet on Monday evening and again on Wednesday to discuss the proposal.
Click on the video above to see a full report from the CBC's Genevieve Tomney.