Next week Leeds councillors will be asked if they want to send delegates to an FA event on May 18 where more will be revealed about the opportunities.
Securing World Cup games would bolster the economy of Leeds and the Leeds City Region as a whole.
Councillors will be told that Leeds United's Elland Road stadium could hold 40,000 with minor alterations, although the report says capacity may need to be higher.
In Sheffield, representatives from Sheffield United and Sheffield Wednesday are involved in the talks.