The Giants and Jets want to bring the Super Bowl to their new stadium in New Jersey in 2014.
After receiving approval from a league committee to bid on an NFL title game, the teams announced on Thursday that they will submit a proposal to host what would be a cold weather title game in four years.
The new 82,500-seat stadium is scheduled to open next year.
The NFL owners' Super Bowl Advisory Committee allowed the bid despite the traditional requirement that host regions have a minimum temperature of 10 C or indoor stadiums.
The advisory committee gave approval with the understanding that the bid represents a unique, once-only circumstance to celebrate the new stadium and the great heritage of the NFL in the New York region.
The New Meadowlands Stadium Company, which is building the new stadium, has to submit a preliminary proposal to the NFL by April 1. The winning bid will be announced at the end of May.
"It's time for the biggest game in football to be played on the biggest stage in the world," Jets owner Woody Johnson and Giants co-owner Jonathan Tisch said in a joint statement as chairmen of the bid committee. "We are confident that the appeal and prestige of the New York City metropolitan region, coupled with the innovative capabilities of our brand-new state-of-the-art facility, can provide a unique and exciting experience for the teams and fans, as well as the entire league and the sport of football.
"And, of course, we would love to bring the Super Bowl and its significant economic benefits to New York and northern New Jersey," they added.
A New York/New Jersey Super Bowl would generate hundreds of millions of dollars in economic activity, and serve as a major boost for the area, creating hundreds of jobs related to staging the game, the teams said.
"The National Football League and our organization are blessed with a great tradition in the metropolitan New York region, and the Giants and Jets new home is a continuation of that tradition," said John Mara, president and CEO of the Giants. "Our building playing host to the Super Bowl in 2014 would allow our organizations and this region to celebrate that tradition with our biggest game, and we welcome the opportunity to work with our community to make that happen."
The new US$1.6 billion stadium will be the first constructed to serve as the home stadium of two NFL teams, and it will host up to 20 games a season, more than any other venue.
It also holds the distinction of being the largest privately financed stadium in U.S. history.
The Super Bowl would join an impressive list of significant events scheduled for the new stadium, including highly anticipated college football matchups of Navy vs. Notre Dame and Army vs. Rutgers, and stops on the Bon Jovi and U2 world concert tours.
"Even though our stadium is months away from completion, with this bid, it is setting an early precedent of what's to come," said Steve Tisch, chairman and executive vice-president of the Giants.
Highlights of the new stadium include four massive HD video display boards in each of the stadium corners; a ribbon board that circles the interior bowl; HD monitors throughout the stadium; and 20 HD video pylons.
Outside the stadium, a 350,000-square-foot outdoor plaza will offer fan activities and pre-game entertainment zones. A signature amenity of the stadium will be a new rail line that will drop off passengers in front of the stadium.