Other plans being kicked around by Portsmouth city councillors include setting up big screens so people can watch the match outdoors.
Council leader Gerald Vernon-Jackson said: 'We have got to do it in a planned way so I do not want to rush any announcements.'
Cllr Vernon-Jackson would not mention exact costs as the council is in loose talks with firms at the moment. But he added: 'If Pompey win, there will definitely be a victory parade.'
Yesterday, he wrote to Football Association chief executive Brian Barwick to ask if Royal Navy sailors can unfurl the Pompey club logo across the hallowed turf of Wembley.
Cllr Vernon-Jackson said: 'Before the semi-final two large logos of the clubs were unrolled on the pitch and carried round the end where each separate supporters were seated. They were carried by the Army.
'If the FA are doing the same thing at the final, could I ask for the Portsmouth logo to be carried by members of the Royal Navy.
'Portsmouth is the home of the navy and the football club is by tradition the navy's football club as well.'