Flying the Union flag from the cenotaph at Belfast City Hall would be an acceptable compromise, the Alliance Party said today.
Maire Hendronsaid she was likely to back the proposal when it comes before a committee meeting in the New Year.
She said: "It is a reasonable proposition and I am not ruling it out.
"I probably would when the time comes following discussion with our party."
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The man, in his thirties, was found with stab injuries on the upper deck of a bus in Handsworth, Birmingham, on Monday night.
Thousands of passengers now face delays, with Southeastern trains warning "all services" would be affected.
Paramedics attended a scene in Willesden, north-west London, on Monday afternoon where they found the teenager with stab wounds.