The NBA Hall of Famer said he listened to the team's fans in making the move.
"This is a monumental moment for our organization," Jordan said. "After undergoing an elaborate research process, we recognize that this is what our fans want."
The original Charlotte Hornets played in the North Carolina city from 1988-2002, when then-owner George Shinn moved the franchise to New Orleans and kept the nickname. They were replaced by the expansion Bobcats in 2004.
The New Orleans team remained the Hornets until new owner Tom Benson changed its name to the Pelicans this year, thus freeing up the Hornets nickname.
If approved, the switch will take effect for the 2014-15 season.
"We believe that making this change would not only re-establish one of the most recognized brands in sports, but would also unify our fan base by bringing together our loyal Bobcats fans with those who have fond memories of our city's NBA predecessor," Jordan said.