Sports Minister Richard Caborn says there is "a very good chance" England will bid to host the 2018 World Cup.
The new Wembley would be one of the key venues in the bid
"As Sports Minister I'd be disappointed if we didn't [bid] because I'd be at the forefront of pushing it," he said.
"You look at places like the Emirates Stadium and football grounds up and down the country and we have some of the best stadia in the world."
A study looking into the costs and benefits will be made in the next few months before a possible bid in 2009.
"We will be looking at what our strengths and weaknesses are and will look to address those issues before we make a formal bid," added Caborn.
Wembley will be the greatest stadium in the world, and will be a real credit to the nation
Sports Minister Richard Caborn
"If we're going to do it, we've got to do it right, and it's got to be well thought out."
Caborn believes the 2012 Olympics will provide a solid test of the country's infrastructure.
"In the Olympics themselves, football will be one of the sports to actually go around the country," he added.
"It will be at Hampden Park (in Glasgow) and in Cardiff and at Aston Villa's stadium and will finish at the great Wembley.
"The 2012 Games will be a great showcase, and I have no doubts at all that if we really want to make a bid for 2018 then we have the stadia, and indeed the organisation that can more than manage that.
"Wembley will be the greatest stadium in the world, and will be a real credit to the nation."
Australia are also considering a bid to stage the 2018 finals.