The new 45,000 seater stadium is planned for the Gamston area
Nottingham Forest's chief executive Mark Arthur said the city being chosen as a candidate World Cup host city was a "once in a lifetime opportunity".
Nottingham was one of 12 cities to be named as part of England's official bid for the 2018 event.
Arthur told BBC Radio Nottingham: "What we're doing here is representing all the current and future generations.
"Many people have never experienced a World Cup before and are unlikely to experience it again."
"There are going to be huge opportunities both while the construction is taking place... and hopefully there will be many more jobs created after," Arthur said.
A new 45,000-seater stadium is planned for Forest in the Gamston area as part of the bid.
This is a milestone along the way, there's a long way to go but our objective really was to get into that mix with England
Diane Kidger, from Holme Pierrepont and Gamston Parish Council, said: "I am delighted for the city of Nottingham but with the bid goes the football stadium.
"The site of the stadium in Gamston is on a greenfield site and that does disappoint us - we'd prefer it to be on a brownfield site."
Kidger said residents have begun a petition to object to the location of the planned stadium.
Nottingham's World Cup bid leader Hugh White said: "We're delighted with the decision it's great news for Nottingham to be part of the world's largest sporting event.
"This is a milestone along the way, there's a long way to go but our objective really was to get into that mix with England.
"It's about jobs for local people, business for local people, infrastructure improvements and a legacy for 50 years afterwards."
England will find out if their bid to host the World Cup is successful in December 2010.