The annual race on public roads receives around 35,000 visitors and has an international following. According to race organisers, it has experienced growth in visitor numbers and revenue for the last five years.
The government has appointed London-based event consultancy The Sports Consultancy to conduct the £57,000 study, which will conclude in March next year.
If the proposal is viable, the government says it will aim to launch a programme of world races for the 2014 season.
Isle of Man Government member with responsibility for Tourism and Motorsport Geoff Corkish said: "We are keen to capitalise on the growing worldwide interest in the Isle of Man TT Races, not only to explore potential new revenue streams but also as a platform for the Isle of Man to promote itself and its associated businesses and services."
The news comes after the Isle of Man launched a review of the smaller Manx Grand Prix motorcycle race.
The Manx Grand Prix review will examine the rising cost of the event which "requires significant funding" from the government.
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