The International Women's Day announcement by the Lions organisation was based around its partnership with Royal London, a major player in Britain's mutual life, pensions and investment market.
The sponsor will finance the feasibility study for the concept which had its origins when discussions began in 2019.
British & Irish Lions managing director Ben Calveley said: "The feasibility study is an important first step in determining whether a women's Lions could be established, and we are grateful to have Royal London's support and investment."
The group chief marketing officer at the Royal London company, Susie Logan said given the way sport had been impacted by Covid-19, it was fantastic to support the Lions as they deliver their men's series with South Africa.
"The Lions is a unique sporting event that unites rugby fans across the United Kingdom and Ireland and inspires the next generation of sports people. That's why, despite the uncertainty currently faced by the tour we believe it's important to provide support," he said.
That was why they were extending the power both the Lions and the company generated to explore the possibility of establishing a women's Lions team.
"Through our partnership, we aim to make a positive impact on the continued success of women's rugby," she said.