Staging World Cup football in Leicester would result in a £90m windfall for the city's economy, it has been estimated.

However, first city councillors must next week agree in principle to pledge £15.3m of taxpayers' money should Leicester be part of a successful England bid to host the planet's biggest sporting event.

That is the amount that would have to be spent on marketing and improving the city, for example upgrading public transport, so it meets FIFA's standards to be a host.

Leicester's bid, which has been backed by the likes of Gary Lineker, rock band Kasabian and the Leicester City squad, will be formally submitted to the FA in London next Thursday, as long as city councillors give it the official go-ahead at a full meeting on Wednesday.

Organisers of the England bid have told candidate host cities they can expect a return of £90m based on figures from the German World Cup in 2006, which attracted more than 33.6 million people to stadiums and 18 million to fan parks.

Leicester is bidding to host up to four games at an expanded Walkers Stadium and would expect to attract at least 200,000 fans from across the world who would gather at huge festivals in Victoria Park and Abbey Park. Leicester City would pay for the stadium expansion.

James Conaghan, manager of the Ramada Jarvis hotel, in Granby Street, said the World Cup "could only benefit Leicester".

He said: "It's the biggest tournament in the world and will bring thousands of people to the city."

Those behind the campaign believe it would have a massive knock-on effect, creating jobs and boosting business for hotels and leisure industries, as well as raising the city's international profile.

City fan Matt Hunt, 24, of Leicester's West End, said: "The number of people coming from all over the world would be massive and it would bring it would really put the city on the map. I don't think you can put a price on that."

Leicester's Back the Bid campaign, supported by councillors, business leaders, football fans and the Leicester Mercury, has cost £100,000 since it was launched in May.

The FA will decide next month which 12 cities will host matches, should England be picked by FIFA in December 2010.

If Leicester is successful, the council will be asked by the FA for £350,000 towards the marketing budget for England's efforts to secure international support.

If England then landed the 2018 World Cup, Leicester would have to spend another £250,000 between 2011 and 2013 to pay for FIFA inspections and project management costs.

The staging of the event would have cost taxpayers an estimated £15.3m by the time of the first match.

City council leader Councillor Ross Willmott said: "Leicester's selection as a host city would bring enormous benefits to the city's economy, a major boost to hotels and the tourism and leisure industries, and the creation of new jobs."