Barker, who was JWT Europe's head of communications, died earlier this month.
Toby Hoare, the JWT executive chairman, said he had yet to discuss details of the plan with Barker's husband, Mike Townsin, but felt a scholarship was an appropriate way to keep her memory alive.
"Chrissie had time for everybody but particularly for the graduates just coming into the business," he added.
Hoare was among more than 250 mourners who attended Barker's funeral last week at a church near her home in Richmond, Surrey.
Robin Wight, the WCRS founding partner, and the media veteran John Ayling were also among the industry figures who attended. Some returned early from the Cannes Festival to be there.
Townsin told the congregation: "I and the whole family have been overwhelmed by the hundreds of tributes to Chrissie from the ad industry, friends and even acquaintances. But they all had one thing in common: namely, how genuinely loved and admired she was for her professionalism, loyalty, vitality, glamour, kindness and sense of fun."
In his funeral address, Bill Muirhead, the M&C Saatchi founding partner and a long-time friend, said Barker's coverage had helped make the industry a better place. "She wanted advertising to do well," he said. "She was a loyal friend to the industry."