The duo hope to enter this year's song contest representing Ireland with a track called 'What's Your Number?', which they revealed via their official Twitter page.
Jedward said: "Our Eurovision song is called 'Whats Your Number?'. Its a really fun song (sic).
"You can listen to it millions of times and always smile! Ahhhhhhh we can't wait for your to hear it! Whats Your Number is gonna change the world!"
The pair also described the track as a "catchy flirty song", adding: "It's gonna be the most JEPIC Eurovision song ever! we could get a Grammy!"
Jedward finished eighth in last year's competition with 'Lipstick', securing 119 points for Ireland. They placed ahead of Blue, who landed in 11th place with 'I Can'.
Later this month, Jedward will compete against other acts including Maria McCool and Donna McCaul for the opportunity to represent Ireland at this year's contest.
The twins recently told Digital Spy that they are planning a "huge mega-performance" should they make this year's Eurovision, which will be held in Azerbaijan on May 14.
Watch Jedward perform 'Lipstick' at last year's Eurovision below: