Prime Minister John Key says knighthoods for members of the Team New Zealand crew such as Grant Dalton and Dean Barker would be "worthy of consideration" if they win the America's Cup back.
Mr Key made the comments after the New Zealand yachting syndicate took a 5-point lead over Oracle in the finals series.
"Let's wait and see," Mr Key said, when asked by the Herald about the possibility. "It would be a great victory if they won, so worthy of consideration. It's a pretty awesome thing, isn't it - the America's Cup?"
Asked if it was different from the Rugby World Cup, before which he had sent a strong signal that All Black captain Richie McCaw and coach Sir Graham Henry would be offered knighthoods, he said: "Not necessarily. It's a pretty big event. Let's wait and see."
Labour sports and recreation spokesman Trevor Mallard, in San Francisco, said any discussion of awards was premature and placed too much pressure on Team New Zealand's crew.