Conservative MP Andrew Rosindell said a day of celebrations could be held in June for street parties and other major events to commemorate the Queen’s 65 years on the throne.
A public holiday was held in 2012 for the Queen’s Diamond Jubilee.
Mr Rosindell said it would be a “missed opportunity” if the country did not celebrate the Queen reaching such a milestone.
He will be given time on Tuesday to introduce his Queen's Sapphire Jubilee Bill into the Commons, which seeks to guarantee in law a celebration across the UK, its overseas territories and Crown dependencies.
The Queen acceded to the throne following the death of her father, George VI, on February 6 1952.
Romford MP Mr Rosindell said: "It's almost certainly going to be a very long time before any monarch gets anywhere near 65 years.
"It's the first time we've had any Sapphire Jubilee and if we let this go by and don't have some sort of national day of celebration, it'll be a missed opportunity.
"It's also for the young people - I remember the Silver Jubilee as a kid and learnt how important these national occasions are."
Mr Rosindell said he understood the Queen is a "very modest" person and does not necessarily expect or want huge celebrations, adding he would not wish to do anything against her wishes.
He said he had spoken to Prime Minister Theresa May about the idea and received a positive response.
Ukip's Douglas Carswell also supports the proposal.