The former Portugal international, launching his campaign at Wembley Stadium, also said a greater percentage of Fifa's income should be spent on grassroots development.
"I believe we should consider proposals to expand the competition to a 40 or even 48 team World Cup," Figo told a news conference.
"Both these options are feasible with an extra three to four days of tournament play. If this expansion were to take place I believe that additional teams should come from non-European nations."
Figo is one of three men challenging incumbent Sepp Blatter. Michael Van Praag, the president of the Dutch FA, and Prince Ali Bin Al Hussein of Jordan, a member of the Fifa executive committee, are also standing.
The election takes place at the Fifa congress in Zurich on May 29.
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