Lesley Griffiths - who has led the political campaign in Wales for the two nations to submit a joint bid - was commenting after news that a rival bid by France to host Euro 2016 has taken a major step forward.
At the end of September, at a meeting
in Bordeaux, UEFA changed the format of the competition to increase the number of teams from 16 to 24. This move effectively ruled out a solo bid from Scotland and left the door open for a possible joint-bid to host Euro 2016 between Wales and Scotland.
However, in recent months, the French Government have established a 21-member strong 'Grand Stade' Commission to assess existing stadia in the country and submit modernisation proposals for its existing sporting infrastructure, with a view to submitting a bid to host Euro 2016.
Now, the French minister charged with administering public projects, Eric Besson, has called on private investors to help with France's bid to host the championships.
As well as a potential French bid, in recent months there has been speculation about Sweden and Norway bidding for Euro 2016.
Ms Griffiths says she believes the time is fast approaching for Wales and Scotland to make their intentions known, on plans to co-host the competition.
She said: "I believe there is a genuine will by the Football Association of Wales to explore and pursue a joint bid with Scotland to co-host Euro 2016. They have gone on record in support of this.
"However, there has been silence from the Scottish Football Association in recent months on the subject - at a time when potential rival bids are now gathering serious momentum. I believe there is a real risk that any future Welsh and Scottish bid could fall by the wayside, unless we match that momentum and soon.
"Whilst, ultimately, this is a matter for our respective football associations to indicate their wish to proceed with a joint bid, it is clear from what the French are currently engaged in that any joint bid will require full Government backing. This means Cardiff and Edinburgh working together to ensure a viable bid can be submitted on behalf of our respective nations."
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