The three countries' presidents announced the plan in Buenos Aires on Wednesday, although the bidding process will not begin for several more years.
The 2030 World Cup will mark the centenary of the tournament, which first was held in Uruguay in 1930.
In June, Uefa said it would "strongly support" either a pan-British or an English bid to host in 2030.
"The first meeting [for the bid preparation] will be organised in the first week of November," Paraguay's president Horacio Cartes said.
"Other countries are going to want to host but there is a very strong argument in favour of Uruguay, which will celebrate 100 years [from first hosting]."
A joint bid from the United States, Mexico and Canada is the favourite to win hosting rights for the 2026 tournament, with Morocco the only other candidate so far.
A total of 48 teams, rather than the current 32, will compete at an expanded tournament in 2026 after changes announced by Fifa earlier this year.
The 2018 World Cup will be held in Russia, while Qatar is to host the 2022 event.
Photo by: BBC (Caption: Before a World Cup qualifier in September, Uruguay's Luis Suarez and Barcelona team-mate Lionel Messi of Argentina posed for photos in special kits promoting the 2030 bid)