The Telegraph and Press Association report that Edmund King suggests sports teams, supermarkets and tech firms could purchase naming rights for major roads.
It says the ideas are part of his proposal to change the way people are charged for driving in the UK, with the current system meaning motorists pay some of the highest taxes in Europe to use a road network that in some places is congested and deteriorating.
"The Road Miles concept, created by Mr King and his wife, business analyst Deirdre, would offer all drivers at least 3,000 free miles each year, with a small charge for further distances, in a bid to reduce non-essential journeys," the report says. "It is one of five shortlisted entries for the £250,000 Wolfson economics prize to reduce traffic jams.
"The proposal would see fuel duty drop from 58 pence per litre to 47 pence within five years, and more than £3 billion in extra investment for roads could be generated.
Mr King is quoted as saying Road Miles would be "miles better, fairer, greener, safer. Drivers fed up with current cones, congestion, and chaos, will be compensated for delays and have a say in how our roads are run."
The report adds that the prize, founded by Lord Wolfson, chief executive of clothing giant Next, will be awarded in July. Lord Wolfson said: "Road congestion is a source of daily misery for millions of people: undermining our quality of life, environment and economy.
"As the political parties put together their programmes for government, they would do well to turn their attention to the plight facing users of Britain's road network.
"The creativity and enthusiasm demonstrated by the entrants to the 2017 prize has been inspiring."