The last known one, officially called a thylacine, died in the 1930s.
The team behind the bid say it can be recreated using stem cells and gene-editing technology, and the first thylacine could be reintroduced to the wild in 10 years' time.
Other experts are sceptical and suggest de-extinction is just science fiction.
The thylacine earned its nickname of Tasmanian tiger for the stripes along its back - but it was actually a marsupial, the type of Australian mammal that raises its young in a pouch.
The group of Australian and US scientists plan to take stem cells from a living marsupial species with similar DNA, and then use gene-editing technology to "bring back" the extinct species - or an extremely close approximation of it.
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