According to new proposals, the Orkney Islands could lose their status as a part of the UK or even turn into a self-governing territory of Norway.
The council will consider a motion the following week to look into "alternative forms of governance.".
Orkney does not receive equitable funding, according to council leader James Stockan, given its current relationship with the UK.
He wants to consider both overseas territories like the Falkland Islands and Crown Dependencies like the Channel Islands.
He proposed that a different future might resemble the Faroe Islands, a self-governing Danish territory.
The Scottish and UK governments, according to councillor Stockan, have "failed dreadfully" in many ways to help Orkney.
We are currently having a lot of difficulty because the entire ferry fleet, which is older than the CalMac fleet, needs to be replaced.
"We do not receive benefits like RET (Road Equivalent Tariff) for ferry fares, which other areas do.
We can't continue as we are because we receive significantly less per-person funding from the Scottish government than Shetland and the Western Isles to operate the same services. ".
According to Mr. Stockan, a thorough analysis of the finances has never been done.
As a result of our 40-year investment in north sea oil, we are aware that the dividend we receive is insufficient to support us.
"Right in the middle of all the wind projects around our waters, we have a special opportunity. ".
Mr. Stockan is pleading with council members to support his idea to come up with new ways for Orkney to get more economic opportunities and financial security for Orcadians.
The Orkney Islands Council previously decided to investigate the possibility of giving the islands more autonomy in 2017.
Even though they desired a "stronger voice," they did not support Orkney's complete independence.
Guernsey, Jersey, and the Isle of Man are mentioned in Mr. Stockan's motion as additional potential role models.
However, he cautions that extensive staff resources would be required to research the possibilities and consult the general public.
We won't rush this because we don't want to do it emotionally, he said. "The council will decide whether it supports this motion, and from there we will take our time.".
"We want to consider all the practical ramifications before evaluating the outcomes.
"We are seeking the ideal situation for ourselves, our place in the world, and the future generations.
Additionally, Mr. Stockan suggests that the council look into how Orkney might establish a "Nordic connection" with Denmark. Iceland or Norway.
Before it was incorporated into Scotland in 1472, Orkney was held under the rule of the Norwegian and Danish nations.
The islands served as collateral for Margaret of Denmark, who would later marry King James III of Scotland, and her wedding dowry.
We were a part of the Norse kingdom for a lot longer than we were a part of the United Kingdom, according to Mr. Stockan.
People in Orkney approach me on the street and inquire about when we will repay the dowry and return to Norway.
"There is a strong cultural connection and a strong affinity there. The time is now to investigate the possibilities. ".
On Tuesday, Orkney Islands Council will discuss the motion.
Andrew Stewart at the provided additional reporting. Regional Reporting on Local Democracy.