England are expected to formally announce a bid for the 2015 event, and the inaugural Twenty20 Championship, before Tuesday's International Cricket Council (ICC) deadline.
India, Pakistan, Bangladesh and Sri Lanka agreed a joint 2011 bid last week and hosts will be confirmed in July.
Australia and New Zealand hosted the event in 1992 and it is their turn under the normal tournament rotation.
Cricket Australia and NZC have agreed that matches will be shared equally between the two countries, although no decision has yet been made on the venue for the World Cup final reports BBC Sport.
Seven of the 10 Test-eligible nations (including Zimbabwe) must approve any candidate for it to be approved.
The first ever Twenty20 World Championship could take place as early as September 2007, with 13 countries having already submitted letters of intent prior to bidding.
