The league was suspended in March after five games amid the Covid-19 outbreak and the FAI plans a return on Monday, July 20.
But the FAI has not said how that will take place.
Devine has suggested three new regional divisions with six teams in the north-west including Finn Harps.
“It’s is a real possibility – it is something we should look at,” he said.
Devine told BBC Radio Foyle that a north-west division, behind closed doors, could also comprise Sligo Rovers and Dundalk along with two First Division teams, with Galway and Drogheda possibilities.
“Have a round-robin tournament with the top two going into play-offs for any type of potential awards or trophies at the end of the season,” he added.
“Travel is going to be a huge issue, I know they said about getting two buses but is that really feasible for Derry City and Cork – to get two buses to go to Cork and you might have to look for a hotel when they are not open at this time.
“I think we are at that time where anything is possible. We can’t underestimate the importance of the First Division clubs – there’s a lot of part-time players and their health is as important as professional players.
“As an incentive to potentially split whatever type of revenue from streaming games.
“We have to look at the First Division sides as well as they are as important as those clubs in the Premier Division.
“It’s such a crazy time for us all.
“What we have to try to ensure is that every football club in Ireland survives this pandemic – that when its over, all the clubs whether amateur, part-time or professional, we’ve got to make sure they all survive.
“There’s an onus on everyone to come together and see what’s best for football and what’s best for sport in Ireland.”
Niall Quinn, interim deputy CEO of the FAI, has floated the idea of using one neutral venue, believed to be the Aviva Stadium, for all Premier Division matches.
Devine supports another suggestion from the former Republic of Ireland striker if domestic football does not return before August – for the four teams which have qualified for Europe, including Derry, to take part in a mini-tournament to prepare them for competitive football.
“It’s obviously four top sides, four big clubs – everybody’s got the same needs, we are all working to prepare for what is a huge financial package in terms of trying to get through a round or two in Europe,” he said.
“It’s always going to be our type of target this year to go through a round in Europe – if that does materialise and we were given high level games in a proper, safe environment in the Aviva I would certainly welcome it and so everyone at the club would as well, especially the players.”