World soccer's governing body said it would name the hosts following a meeting of its executive committee on Oct. 29.
Brazil, who have won the World Cup five times and staged it once in 1950, are the only country bidding to host the tournament following the withdrawal of Colombia in April -- although FIFA have insisted that Brazil must still prove its readiness.
The World Cup has not been staged in South America since Argentina hosted and won the trophy in 1978.
The 1986 finals were originally awarded to Colombia but after they withdrew, saying they were unable to stage the event, it was switched to Mexico, who also staged the 1970 finals.
Brazil's only World Cup ended in anti-climax when Uruguay beat them 2-1 in Rio de Janeiro in 1950
Brazil had to wait till 1958 to win their first tournament and followed that with further successes in 1962, 1970, 1994 and 2002.
Despite its apparent involvement in a one-horse race for 2014, Brazil has been told by FIFA that it must still meet the necessary technical requirements and provide sufficient government guarantees.
FIFA president Sepp Blatter said in March that the World Cup could still be moved to another continent if Brazil failed to mount a convincing bid. The next World Cup will be in South Africa in 2010.
FIFA will also decide on Oct.29 where the 2011 Women's World Cup will be staged. Australia, Canada, France, Germany and Peru are all in the running to host it. China are staging this year's women's event.