The National Academic Staff Association of the University of Papua New Guinea wants Vice-Chancellor Prof Leslie Eastcott and three other senior executives to be suspended or it will go on strike.
The newspaper, The National, says it has given Chancellor Andrew Yauieb seven days to act.
It will be writing to the industrial registrar for clearance to hold a secret ballot on Wednesday whether to boycott classes.
It demanded that Prof Eastcott and three others be suspended pending the Ombudsman Commission's investigation into a planned payout to them.
Prof Eastcott has said he will not resign unless he is given a compensation package comprising his entitlements and damages for his pain and suffering in connection with last year's student unrest.