Wembley Stadium and Cardiff's Millennium Stadium have been put forward as possible contenders but Football Association general secretary Alex Horne has admitted Turkish city Istanbul is the front-runner.
The other countries to have declared an interest are Germany, Spain, Belgium and Ukraine - all bar Ukraine and Turkey have also declared an interest in hosting group matches in the tournament, which is being played in 13 different cities across Europe, if they are unsuccessful in landing the final.
Horne said Istanbul was now favourite after losing its bid for the 2020 Olympics but that hosting group matches too would be important - it would guarantee England two home group games if they qualified.
Horne said: "There are several countries bidding for the final, and from our soundings you do sense there is a sympathy for Turkey with Istanbul having not got the Olympics.
"They are the front-runners but the prize of group games and a quarter-final or knockout match would be significant. It would mean two home games for England in the group, though we would still have to qualify."
Scotland and the Republic of Ireland have also declared an interest in hosting group games - indeed 32 of UEFA's 54 member nations have done so.
Countries have until April to decide whether to formally bid and submit a candidate dossier, with UEFA's executive committee to make a decision on the 13 host cities in September next year.