O'Donnell said the offering would be mainstream and not craft.
"Yes, Boy" was another one of the brands being considered.
The partners also envisaged a charitable element, with a percentage of profits aimed at developing grassroots sport - not just rugby - in New Zealand, Australia and the Pacific Islands.
"We think that there is an opportunity to do that in a meaningful way," O'Donnell said.
Marshall and O'Donnell expect to make a decision on whether to proceed with the concept by the end of May.
If it gets the go-ahead, they hope to have it ready for this year's Rugby World Cup in Japan.
In an interview last year, the 45-year-old Southlander explained the origin of the word "Boomfa", which he has made a regular fixture in his rugby commentary.
"It came from Mataura when I was watching club rugby," Marshall told TAB's Staf Chat podcast.
"It's not a word, obviously, we know that ... Yeah, you won't find it in the dictionary.
"When I was watching club rugby, watching my dad play, we used to always sit in the hedge. When someone got absolutely smashed, all the kids would go 'oh Boomfa!'. It was part of my childhood as I grew up.
"Whenever I saw a massive tackle or a huge collision, it would just come out of my mouth 'Boomfa!'"
Last year, former All Black first five Dan Carter announced that he will be venturing into the world of "high-quality brews" by investing in Melbourne brewing company Brick Lane.