The New York Jets hope to win approval for the stadium, which would have a retractable roof and would be located on the West Side of Manhattan.
Jets owner Woody Johnson said he hoped the decision by the owners would be the move that makes the stadium a reality.
"Today is a landmark day and the 2010 Super Bowl in the New York Sports and Convention Center will be a historic event," Johnson said. "We're thrilled about this announcement."
Construction of the stadium, however, has substantial local opposition and its creation is not a certainty.