It has help launch the careers of artists including previous winners Celine Dion and ABBA.
"The Eurovision Song Contest's unique legacy dates back 65 years and its worldwide popularity is still rising," Martin Österdahl, executive supervisor of the Eurovision Song Contest, said in a statement.
"It's time for America to experience this spectacle, through its sister competition, the American Song Contest," he said.
"Love of music is universal and celebration of music in different genres and styles can transcend boundaries and unite people.
We are excited to have found the right partners to offer another series that our fans across the globe can fall in love with and to share this unique competition with the American people."
Leading up to the American competition will be the formation of The American Song Contest Academy, a group of US-based music professionals representing all genres and backgrounds.