The event, which will take place in Istanbul both this year and next, does not yet have a home for its 2014 staging.
London's O2 Arena could be interested having successfully staged the equivalent men's event, the Barclays ATP World Tour Finals, over the past three years.
It will continue to do so until 2013 but it currently does not have the rights to stage the 2014 tournament, creating a possible opening. However, while the men's event has proved popular with more than 17,000 people regularly attending, the women's event, won last year by Petra Kvitova, is likely to be harder to sell to British fans.
Interested venues have been asked to express their interest by June 29 of this year. A formal bid must then be made by September 21.
The WTA will announce a shortlist in October with a final decision being made next March.
Stacey Allaster, chairman and chief executive of the WTA, said: "Based on the significant demand by numerous cities around the world to invest in women's tennis and host our year-end WTA Championships, we decided to launch an international bidding process to select a host city for 2014 and beyond.
"It's a chance for some city somewhere to step up on the world stage. We are confident that through this process we will be able to identify the right city to become the next partner for the world's premier sporting event for women."
The tournament features the world's top eight players from that particular season.
The WTA Championships have previously been staged in cities including Los Angeles, Munich, Madrid and Doha.
However, New York's Madison Square Garden is probably its most well-known host venue having staged the event every year bar one between 1977 and 2000. It is believed to be interested in staging more tennis in the future, having held a special exhibition event, featuring Roger Federer and Maria Sharapova, earlier this season.
Reports have suggested the venue is keen to play host the ATP World Tour Finals in 2014.