McElroy, speaking at a town hall meeting on campus Tuesday, said Georgia State is still studying the costs and trying to determine if there is sufficient interest and support for the proposed I-AA football program.
McElroy and other members of the school's football steering committee answered questions from students and faculty members at the town hall meeting.
Georgia State's move from the Atlantic Sun Conference to the Colonial Athletic Association in 2005 prompted talk about the Panthers fielding a football team.
Jerry Rackliffe, vice president for finance, said playing games in the Georgia Dome would be the most sensible plan for Georgia State.
The CAA's first season as a football conference is 2007.
If Georgia State decides to add football, McElroy said "the quickest" timetable would be three or four years.
COACH REMEMBERED: Inside the entrance to Louisiana's towering Capitol, a glittering array of trophies and posters commemorated the late Eddie Robinson's six decades of winning football games.
Yet former Super Bowl MVP Doug Williams saw what he really hoped to see while milling around outside, near the base of the Capitol's long stretch of granite steps.
More than 6,400 people filed by, coming to pay their respects to Grambling's legendary coach. And many had no ties to the university where Robinson coached and Williams played.
"This shows you how many lives he touched right here," Williams said of the turnout. "It says a lot about what he's done for America, not just black colleges."
Robinson, who endured the indignities of the Jim Crow era while building tiny and predominantly black Grambling into a football power, died last week.
On Monday, his body lay in an open casket in the same room where Robinson had viewed the body of slain political titan Huey Long more than 70 years ago.
Williams estimated that more than 100 of Robinson's former players had shown up, with more expected to attend a wake and burial on Tuesday and today in the north Louisiana town of Grambling.
PURDUE: Linebacker Jeff Lindsay was charged with public intoxication and suspended indefinitely from the team, the latest arrest of a football player at the school.
The 19-year-old freshman was arrested by campus police Saturday and charged with public intoxication, minor consumption and resisting law enforcement. Lindsay posted $250 bail and was released from Tippecanoe County Jail that afternoon.