"It is very much a live issue," said Michael McGimpsey, a minister in the province's partnership government.
"There are obvious questions and hurdles but we are certainly big enough to support a team if that was so desired," he said.
"Football is very much a part of our joint legacy. It is the most watched game. It is a very important part of our culture," he added.
McGimpsey has formed a task force of players, supporters and administrators to draw up a 20-year strategy for the future of soccer in the province.
Each night this week special "fans forums" are being held to gather ideas to redress a vicious circle of dwindling attendances and low revenues.
Optimism about the chances of a team from the province taking on the likes of Manchester United and Liverpool on a regular basis has been fuelled the arrival of professional ice-hockey in Northern Ireland.
Sell-out crowds have been turning up to watch the Belfast Giants, a privately-financed team that plays top British ice hockey sides.
Reuters
The development of a "Belfast United" team aiming at a place in the English Premier League is one of a series of initiatives being considered in order to revive the sport in Northern Ireland.
