It states the building meets the criteria for a Category 1 classification, which is reserved for places considered of special or outstanding historical or cultural heritage significance or value.
The building, which opened in 1870, is one of the oldest surviving main centre athenaeums in the country still used for its original purpose.
The report said it was of special significance because it provided an illustration of the changing culture of the last 150 years as the organisation evolved from one focused on education into a place of social gathering and its current function as a private subscription library.
A decision on what the council might do with the building, which it bought last year, has not yet been made, although it has been suggested that it is a possible site for a central 800-seat theatre complex.
In the registration report, prepared by Jonathan Howard, the trust recommends that before any adaptations are made, a conservation plan to guide the process is prepared and a covenant negotiated.
At the moment, the facade of the building is protected under the district plan, but the report recommends this being widened to include the interior features which may be identified as significant in the conservation plan.
Dunedin City Council finance and corporate support general manager Athol Stephens said he was unable to comment because he had not seen the report.
Public submissions will be sought on the registration proposal (closing on July 11).
Decisions on registrations are made by the New Zealand Historic Places board of trustees.
