Emanuel declined to reveal what he has in mind, such as possibly renaming a city building or park in her honor.
Mrs. Daley, who was Chicago first lady for 22 years while her husband was mayor, died on Thanksgiving day after a long battle with cancer.
Mayor Emanuel disclosed that he is talking to the Daley family about the tribute.
"I do it in a partnership with them, to somehow give a voice to a life's work on behalf of the children and on behalf of the city, and the depth of her affection for the city, and the people that make it up," said Emanuel.
Tuesday is the Mayor Emanuel's 52nd birthday. He said his birthday wish is for at least one day without any violence in the city.