Australia will launch a bid to host the 2023 FIFA Women's World Cup which will be fully supported by the federal government.
The 24-team tournament could be primarily hosted by either Melbourne, Sydney, Brisbane, Adelaide, Perth or Canberra according to a News Corp Australia report.
The Matildas, ranked eighth in the world, would gain automatic qualification for the tournament and would be amongst the favourites to lift the trophy after making the quarterfinals at the last two World Cups.
The federal government has pledged $1 million in initial funding and will commit a further $4 million in December if Australia is deemed a reasonable hosting prospect.
"I am delighted we are supporting a bid for the 2023 Women's World Cup," Prime Minister Malcolm Turnbull told The Herald Sun. "The Matildas are wonderful role models for young women and girls right across Australia.
"It would be fantastic to have the Matildas playing to win the Women's World Cup on home soil."
FFA chairman Steven Lowy said hosting the biggest women's tournament would give the Matildas a great opportunity to lift the trophy.
"This is the largest, most prestigious and most competitive contest in a women's sport globally," Lowy said. "We want to win the right to host it and then win the tournament itself.
"The benefits to Australia are many and varied with major economic impact to the wider community and, most importantly, a massive increase in exposure and investment in women's football.
"A FIFA Women's World Cup in Australia would inspire a whole new generation of girls and women to take up the biggest participation sport in Australia, for many with the dream of winning the World Cup on home soil."