Cardiff City Stadium is to be the venue for this year’s Uefa Super Cup, a match between the Champions League winners and Europa League winners.
The FAW hopes it will help Cardiff become a host city for the European Championships in 2020.
FAW chief executive Jonathan Ford said he hoped “to submit a winning bid”.
The Uefa Super Cup will be played at Cardiff City Stadium on 12 August 2014.
The fixture pits the winners of the Champions League against the team that wins the Europa League.
The current Super Cup holders are Champions League winners Bayern Munich, who beat Europa League winners Chelsea in Prague last year.
The Welsh government has provided the support for the 2014 fixture from its existing pot for major events.
After the announcement of the fixture on Monday, Sports Minister John Griffiths said: “We’re talking about this being worth several hundred thousand pounds to the local economy.
“It has to deliver several-fold in terms of the benefits it brings for the investment made. A calculation is made in those terms before deciding whether to proceed or not.”
Mr Griffiths also confirmed backing for the FAW’s Euro 2020 ambitions.
The FAW is in the final stages of deciding whether to bid, and believes Cardiff will face competition from more than 20 other cities to host matches.
Euro 2020 sees the introduction of a new format for the tournament with cities, and not countries, making bids.
Uefa’s executive committee will select the 13 host cities in September, five weeks after the Super Cup fixture, with the FAW admitting they have to get the Super Cup right.
Mr Ford said: “We have to get every event we organise spot on, and this one is no exception.
“There could not be a better opportunity to showcase Cardiff and showcase Wales to ensure Uefa make the right decision.”
The FAW is also interested in hosting either the Champions League final or the Europa League final in Cardiff.
But concerns have been raised about the city’s ability to host either final because of its airport and number of hotel rooms.