The Chance to Shine campaign aims to raise 50m by 2009 to help it promote the game to young people from all backgrounds over the next 10 years.
The campaign will launch on 24 May and the foundation hopes to persuade the Government to provide half of the money.
The money would be spent on facilities and training to encourage take-up of the game in inner cities and among Asian and African-Caribbean communities.
Nick Gandon, director of the foundation, said: "Of all the sports played in this country, cricket is the one that can reach all ethnic minorities."
The board's Building Partnerships strategy, issued last week, outlines targets for the foundation to achieve by 2009, including five per cent more young people joining cricket clubs.
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