"If you look at the size of Austria and Switzerland they're not a million miles away from Scotland and Wales.
"Wales will soon have three venues available [the Millennium Stadium, the Liberty Stadium and Cardiff City's new ground] so it's possible.
"Euro 2008 has been absolutely superb, I've been based in Switzerland and the whole thing has been exceptional."
Euro 2012 will also be hosted between two countries, Poland and Ukraine.
That decison was announced in Cardiff last year, where Uefa officials made encouraging noises about Wales' ability to host major events.
A bid to host the 2008 European Championship finals was abandoned in 2002 when Scotland instead chose to partner the Republic of Ireland, only to be unsuccessful.
Cardiff City's planned new stadium could play a key role in the bid
All bids must have eight stadiums with at least 30,000 seats and Wales were hampered by having just one stadium that met Uefa's guidelines - the 74,500-seater Millennium Stadium.
That remains the case, but the FAW could look into the possibility of developing Swansea's Liberty Stadium and the Bluebirds' new ground, which is due to open next year.
The Scots boast a number of top grounds, including Hampden Park, Celtic Park, Ibrox and Murrayfield, but a joint bid would still require one more top-class facility.
SFA chief executive Gordon Smith said earlier this month that they are ready to step in to host Euro 2012 if Uefa are unsatisfied with Ukraine and Poland's preparations after an inspection this summer.
The tournament is expected to be expanded from 16 to 24 teams after 2012, meaning that it could be Scotland's last chance for a solo bid.
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