Ahead of a March 3 deadline, they were the only nations to formally announce an interest in holding the tournament.
The two countries' federations must now produce a dossier on their bid by April 2018, with UEFA selecting a winner in September of the same year.
"It's clear that there will be two strong bids for UEFA's showcase national team competition, and it will be a tough decision to make," said UEFA general secretary Theodore Theodoridis.
While West Germany hosted the 1988 Championships - as well as the 1974 FIFA World Cup, with a reunited Germany holding the 2006 competition, Turkey has failed in previous bids to host a major tournament.
"With our vast experience, our current stadium infrastructure and the basic conditions in Germany, we can stage an economic, first-class tournament," said German federation [DFB] president Reinhard Grindel.
Yildirim Demiroren, of the Turkish Football Federation, added: "The Turkish Football Federation has already put in bids on three occasions to host the UEFA Euros.
"We are now hoping it will be fourth time lucky. Over the last few years, around 32 new stadiums have been built or are currently being constructed around the country.
"With this level of investment, Turkey is proving that it is one of the world's leaders in its commitment to football infrastructure."