The White House formally made the announcement Thursday night and if Johnson is confirmed by the U.S. Senate, his younger brother, Christopher Johnson, will assume the role of chairman and CEO of the Jets, the team announced.
Christopher Johnson, 58, is a minority owner and lives in New York. He will oversee the day-to-day operations in his brother's absence.
"The New York Jets have been an integral part of our family since 2000, but this is a unique opportunity for Woody. His patriotism and commitment to our country have always been a passion of his," Christopher Johnson said in a statement released by the team. "Over the years, we have learned that ownership of the New York Jets is a special responsibility. Personally, if Woody is nominated and confirmed, I would be honored to oversee the organization, continuing to build a team on and off the field that our fans are proud of and deserve."
Trump informally revealed in January that he planned to nominate the 70-year-old Johnson, a major Republican donor and a member of the Council on Foreign Relations.
Johnson's family owns the Johnson & Johnson fortune and was worth an estimated $6.3 billion in 2015, according to Forbes.
The Jets put a succession plan in place and in March, Christopher Johnson accompanied his older brother to the NFL owners' meetings in Phoenix.
Woody Johnson would remain the owner but be required to live in the United Kingdom as part of a three-year appointment.
"On behalf of the entire organization, we would be extremely proud to see Woody nominated and confirmed as U.S. Ambassador," Jets team president Neil Glat said. "We could not be more excited for him and his family."