Potential options range from maintaining the current approach, further collaborative development of academic programmes and sharing of services, and even closer integration, including forming a new combined entity.
An assessment of potential options, including possible costs and benefits, will be undertaken as part of the exploratory approach.
The councils of the two institutions are also engaging with staff, unions, students and the wider community, including iwi and employers.
They will develop a consultation document within two to three months, which will outline some proposed option(s) for further consultation.
"The goal is to deliver even better and more sustainable access to quality vocational and professional education and training because that is key to the development and future performance of our region and its communities," Mr Turner and Mr Nahkies said in a statement.