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It would if it was in conjunction with a European bid which is what's being floated.
So which confederation would you consider as host then in the case Egypt/Saudi/Greece bid winning? No confederation?
I'd say a reasonable person would conclude that it is an AFC bid considering the Saudis are putting out there that they will fund infrastructure for Egypt/Greece and seem to be running the show despite not actually submitting an official bid yet.
Countries can't avoid exclusions from bidding simply by adding a joint host from another confederation. That's ridiculous.
Besides, there is a separate actual European bid (Spain/Portugal/Ukraine) anyway.