Europe is looking to play a significant role in America's plans for the manned exploration of deep space.
Nasa has detailed its vision for a huge new rocket system that could send astronauts to asteroids and even Mars.
European engineers believe they could contribute to this project by providing the propulsion unit that pushes the rocket's capsule to these locations.
Participation would require the agreement of European member states and a budget to fund the development work.
A formal proposal is likely to be presented for consideration by the bloc's space ministers when they meet next year in Italy.
One attraction is that it would almost certainly lead eventually to European astronauts being invited to take part in deep space missions.
If the project is approved, engineers would hope to have the propulsion unit, or service module, ready to fly on the American rocket's first test flight.
"The first launch is planned in 2017, and if we can get all the preparatory work done in time for getting a decision at the upcoming ministerial conference - we will be able to provide our share to the maiden flight. The development time would be tight, but possible," said Thomas Reiter, the director of human spaceflight at the European Space Agency (Esa).
Nasa's new Space Launch System (SLS) is a multi-billion-dollar venture to take humans beyond the International Space Station (ISS) and the confines of low-Earth orbit.
