The Daily Mirror reported that the study produced positive results.
In lengthy research, the study looked at brand, commercial, financial, spectator, logistical and scheduling aspects of setting up a tour.
The British & Irish Lions organization said, "We are pleased to announce that a feasibility study into the possibility of holding a Lions' women's tour has been completed with positive initial findings."
The chairman of the study group, former Wales and Lions wing, Ieaun Evans, said they were encouraged by the study's findings.
"We know there is significant support for the concept of creating a Lions women's team, and this is an important step along the way to exploring how that can be made a reality. Great progress has been made to this point, and a lot of work remains to be done."
One member of the study group, Lions' chief executive Ben Calveley said it was 'extremely positive' that a tour is possible in the future.
"While there is much to be considered, we are committed to taking the findings of this feasibility study and working closely with our unions, as well as other stakeholders in the coming months."
Calveley said World Rugby and the four unions, England, Ireland, Scotland and Wales, had been involved in a strong level of collaboration and were united in exploring the project.
England player Shaunagh Brown hoped the tour would be a reality.
"Why wouldn't we want a Lions tour for women? Every project has to start somewhere. If, and when, a Lions women's tour happens, all players have strong potential of being professional. We will be a force to be reckoned with."
New Zealand's record-breaking hosting of the 2021 Women's World Cup in 2022 showed an appetite for women's rugby, and the tournament's success should see a tour of the country high in Lions' thinking.
