Following a successful joint appearance by the two 90s boybands in New York earlier this summer, the two groups are now hoping to create a full tour together.
A source told the E! News service: "The idea is to recreate the boy band phenomenon. It will be the ultimate ladies' night out."
The bands are said to be in talks with promoters Live Nation about staging a tour across the US as early as next March.
The initial meeting of two groups was at a New Kids show at Radio City Music Hall in June, where they sang Backstreet Boys' hit 'I Want It That Way' to the amazement of fans.
After the show New Kids On The Block singer Donnie Wahlberg wrote on twitter: "As for tonight's Concert...Backstreet Boys got my respect forever!"
There are also rumours managers for the two groups are in talks for them to collaborate on recording a single ahead of the tour. No details as to whether the tour could come to Europe have been released at this time.