"We have already decided. We want Parliament to appoint a tribunal, make it law."
Malema said the media must be regulated because "they think they are untouchable".
The ANCYL president was addressing some 500 delegates at the Free State ANCYL conference in Bloemfontein.
Malema said the Press Ombudsman cannot be a player and referee at the same time.
"These people are dangerous," he told the delegates.
He said: "They write gossip and present it as facts."
'Media put me in harm's way'
Malema said the media have put him and his family's lives in danger after the death of AWB leader Eugene Terre'Blanche by suggesting in questions that "Malema's songs had contributed" to the murder.
He said the media "on a rumour" also nearly destroyed the political life of ANC treasurer general Mathews Phosa.
Referring to the Free State youth league leadership elections at the conference, Malema urged the members to "respect" the decision of the conference.
He said anybody who disrupts any further youth league conferences would be expelled from the ANC.
"You win your battles at conference not in the newspapers. The ANCYL is not run by editors."
The youth leader urged nominated leaders who fail to make it at conferences to respect the decision of the organisation even when it "takes an unfair decision".
Malema also urged the country's magistrates and judges to discourage political battles in court.
"Send parties back to their organisations to work it out," he said.
A recent court order prevented the youth league's congress in the Eastern Cape.
Limpopo provincial chairperson Lehlogonolo Masoga also went to court to force the ANCYL to drop disciplinary action against him.