The new Wembley is expected to be completed in 2006, and is seen as an ideal stage for the showpiece final, reports the BBC's website.
For a bid to be successful, UEFA requires the backing of the local authorities and both submissions include letters of support from local government.
The FA also hopes to stage the UEFA Cup final at the City of Manchester Stadium in either 2006 or 2007.
England has not hosted the UEFA Cup final since it became a one-off event in 1997/98, but Old Trafford hosted the Champions League Final in 2003.
