Click on photos below for more pictures of David.
The former England captain, 38, described the venture as "a dream" during a press conference in the city.
"I want to make this my own team," said David. "This is an exciting time for myself, my family, my friends and partners. It is something we are really looking forward to bringing to Miami. We're planning to bring a team that will be a global team.
"I want to create a team that we can start from scratch and I am going to work hard for this city to make this team very successful. It is an exciting time.
"I have worked with some of the biggest clubs and greatest players and this is a dream."
The ex-Manchester United midfielder, who has also had spells with Real Madrid, AC Milan and Paris St-Germain before retiring last May, added that players were already interesting in coming to Miami to join his dream team.
As a father-of-four, David has been keen for his three boys and two-year-old daughter Harper to learn how to play football from a young age. The doting dad said that he wanted to set up kids' academy and recruit from local talent.
David also revealed that he had plans to build a world-class stadium that would be funded privately. The team could start playing as soon as 2016 if local officials approve an agreement on the location of the stadium.
"Once we have the right partners and investors we'll sit down with the city," said David. "The people of Miami deserve a stadium that they're proud of."
The star footballer played for the MLS club until 2012 and the option to start a franchise is believed to have been part of the financial package he negotiated when he joined LA Galaxy in 2007.