The proposal came after Malaysian Transport Minister Liow Tiong Lai met Thai Transport Minister Arkhom Termpittayapaisith in Bangkok on Thursday.
Both sides also announced joint plans on connection of rail and road transport between the two nations.
Committees under both governments will be assigned to speed up drafting of two memoranda of understanding on cooperation for mass transit and goods transport by road.
The cooperation will also cover the construction of two bridges that will link the border provinces of Narathiwat in Thailand and Kelantan in Malaysia.
The bridges will link Sugnaikolok to Rantau Panjang and Tak Bai to Pengkalan Kubor, with construction set to begin next year.
Both sides agreed the rail link should be built between the Hat Yai-Padang Besar route and Padang Besar-Ipoh route.