Bulgaria and Romania consider Euro bid
"This is our desire and the Romanians also want it, that's for sure," Mihaylov told reporters after returning from Paris where he was elected on to UEFA's executive committee.
The 48-year-old was among 13 candidates standing for seven places and became the first Bulgarian elected to the committee.
"We know it'll be better first to host some junior European championships - under-17, under-19... and then to bid for the men's tournament," said the former Bulgaria goalkeeper.
"We have many friends in Romania... we'll take it step by step and then we'll bid to host the Euro 2020 finals with Romania."
Romania abandoned plans several years ago to bid to host Euro 2012, which will be co-hosted by Poland and Ukraine, because of a lack of financial support from the government.
"As you know, our government has plans to build a new national stadium and we also have several grounds in Sofia, Burgas, Varna and in some other places which may host matches," Mihaylov said.