A section of Cedar Springs Road leading into Love Field would be christened Herb Kelleher Way.
Leppert said Thursday that Kelleher is a Texas legend who represents "the entrepreneurial spirit of our city and state." The name change would require city council approval.
Kelleher, who turns 80 next month, was a lawyer in San Antonio when he helped found Southwest, which began flying in 1971. He served as CEO from 1981 until 2001, and as chairman from 1978 to 2008.
Southwest's headquarters building is next to Love Field. Southwest carries more U.S. passengers than any other airline, although it ranks fourth among U.S. airline companies in miles flown by passengers.