Blatter, 75, told the Frankfurter Allgemeine Zeitung that he would like future hosts to be chosen by the FIFA Congress where all 208 member associations vote.
The system would be similar to the one used by the International Olympic Committee (IOC) for choosing Olympic Games hosts.
"It's a project which I have in the back of my head," said Blatter, who is running for a fourth term as FIFA president and is being challenged by Asian Football Confederation president Mohamed Bin Hammam.
"I would like to adopt the example of the International Olympic Committee to avoid what has happened in the future," he added.
"The executive committee receives 10 or 12 examples, has a look at them, suggests which are the best ones and then lets the general assembly vote.
"This would be a solution for FIFA, something positive."
"I think have about half the voices in Africa and Asia and a big majority in the rest of the world," said the Swiss, who criticised Bin Hammam for standing against him.
"I don't know why Bin Hammam has suddenly become so aggressive.
"He said in the executive committee that he would not run against me and now, despite that, he is doing so."
"It would consist of people who are not from football," said Blatter of the watchdog committee.
"I have already found the president, whose name I cannot yet give. They should understand something about football, but mainly bring back credibility."
