NewcastleGateshead Initiative calculated that £58m will be generated if its joint bid is successful.
The biggest boost to the area would come from the potential number of international visitors who would contribute an estimated total of £48m into the local economy, with more than 90 per cent expected to stay overnight for a minimum of four nights.
Meanwhile France have risen two places to seventh in the FIFA world rankings following their controversial World Cup play-off win over the Republic of Ireland.
Spain top the rankings, displacing Brazil who drop to second.
England have dropped two places to ninth and Portugal are up five places to fifth following a play-off win over Bosnia-Herzegovina.
The World Cup draw will be made on December 4.