Any move, however, would need to be formally approved by FIFA.
"The AFC executive committee has endorsed the wishes of Australia to join the AFC," AFC president Mohamed Bin Hammam told reporters. "But it has to go through the proper channels.
"Australia must first resign from the OFC and then apply officially to join the AFC. It also has to be approved by FIFA. The legalities will take some time."
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The "Socceroos" could be eligible to take part in the 2007 Asian Cup in southeast Asia.
"We are very heartened by the news that the (AFC) has endorsed our wishes to join them," said Football Federation of Australia (FFA) chairman Frank Lowy in a statement.
"It is a very positive step and we look forward to meeting the AFC President...who arrives in Sydney on Saturday to discuss with us the next steps required for our transfer."
Asia has four automatic spots and a possible fifth via a playoff for next year's World Cup.
At present the Oceania winners, either Australia or the Solomon Islands, receive only half a place through a two-leg playoff against a team from South America.
FIFA back-tracked on a pledge to give Oceania a full World Cup berth in 2003.
Australia are the dominant force in the region but have only qualified for the World Cup finals once, in 1974.
Their plans to ditch Oceania and join the AFC have taken Oceania officials by surprise. The OFC's executive committee will meet to discuss the issue in Noumea, New Caledonia on April 16.
Bin Hammam denied that Asia's powers would be threatened by Australia's entry into the AFC.
"Japan and Saudi Arabia both have representatives on our executive committee and they all approved," he said. "It was a unanimous decision."
AFC general secretary Peter Velappan had opposed Australia's entry and cautioned that it was not yet confirmed.
"After this, there are a lot of statutory procedures," he said. "All these procedures will take time. In principal, Asia is happy to have them. We just await the time frame in order to realise Australia's wish."
New Zealand's soccer head Graham Slater has already condemned Australia's switch to Asia, saying it would further weaken the OFC.
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