Research scientists at CABI have identified the insect that keeps Japanese knotweed under control in Japan.
If the plan gets the go-ahead, the insect could be released next summer.
The Government is considering an application for a licence to release the psyllid at a small number of sites to begin with, eventually rolling out across England and Wales, after research found the psyllid is unlikely to eat native plants as well.
CABI research head Dr Dick Shaw said: "In the case of Japanese knotweed, doing nothing is not an option, so we are applying a century-old technique to a new target and are very hopeful of an effective and sustainable outcome."
Eradicating the plant using conventional methods was estimated at £1.56bn in 2003.
Defra said insect is "effective and environment-friendly".
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Can we be sure that one species introduced into the UK to control another \(introduced in 1840) will not run out of control or have a diverse effect on the eco-systems?