The National Academic Staff Association of the University of Papua New Guinea wants Vice-Chancellor Professor 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 7 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.
Professor 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.
