The NSW Premier, Morris Iemma and the South Australian Premier, Mike Rann, will put in a submission to the next Council of Australian Governments (COAG) meeting that Australia bid to host the event.
The two Premiers have held a joint press conference in Sydney following Australia's excitement packed 2-all World Cup draw with Croatia.
Mr Iemma says all Australian political leaders have been inspired by the Socceroos' sensational performance in Germany.
He says there would be immeasurable economic benefits if Australia won the right to host the World Cup given its standing as the biggest major international sporting event.