The site in the centre of Moneygall in Co Offaly is owned by the county council.
But councillors have proposed that it be withdrawn from sale and used as the location for a centre to mark the town's connection to the first black US president.
Sen Obama's distant cousin Henry Healy, whose family formerly owned the site, thinks it is a great idea.
Mr Healy also said he would be attending the US President-elect's inauguration on Tuesday.
