US president Barack Obama has made it clear he wants a bigger military presence in the Asia-Pacific.
The report, from an American policy think tank, looks at how to achieve that goal and says one of several options could involve basing a fleet in Perth.
However, it notes HMAS Stirling, the navy base in Perth, is not capable of handling nuclear-powered ships and would require a significant injection of money, probably in the order of billions of dollars.
The fleets usually include a nuclear-powered aircraft carrier, fighter jets and guided missile cruisers and destroyers.
In a speech in Canberra, Australia's Defence Minister Stephen Smith says there will be discussions at a later date about US access to the port.
"Down the track, it is also proposed to examine the possibility of increased naval access to Australia to HMAS Stirling in Western Australia," he said.
"For Australia, this presence will support our long-held strategic in maintaining and expanding U.S. engagement in our region."
Mr Smith did not state whether that would include a fleet such as that described in the report.
He went on to say, however, that the US does not have permanent military bases on Australian territory and that would not change.
West Australian Premier Colin Barnett has poured cold water on the report's idea.
"I don't think you could squeeze a nuclear carrier into Cockburn Sound," he said.
State Opposition Leader Mark McGowan also opposes the proposal.
"Reports are released all the time, some have recommendations that will never happen, this is one of them," he said.
The US report says in the past, comparable cost estimates for such a proposal have ranged from $1 billion for a home port in Florida to $6.5 billion in Guam.