Prime Minister Boris Johnson says it is the "right time" for the UK and Republic of Ireland to launch a joint bid to host the 2030 World Cup.
The UK government will reportedly pledge £2.8m to kick-start the process in Wednesday's Budget.
The football associations of England, Wales, Scotland, Northern Ireland and Ireland say they are "delighted" with the government's commitment.
"We are very, very keen to bring football home in 2030," Johnson said.
In an interview with the Sun, he added: "I do think it's the right place. It's the home of football, it's the right time. It will be an absolutely wonderful thing for the country.
"We want to see a bonanza of football in the years ahead."
A feasibility study will continue before the formal World Cup bidding process begins in 2022.
A joint-statement from the football associations of England, Wales, Ireland, Northern Ireland and Scotland read: "The football associations and government partners of the UK and Ireland are delighted that the UK government has committed to support a prospective five-association bid for the 2030 Fifa World Cup.
