The special election would only take place if the team and city agree and negotiate a deal, and it would be a citywide election.
The election would take place by December 15, and only "if we can reach an agreement," said Mayor Faulconer.
The news comes after the second round Chargers negotiation with city and county officials.
"We've had two very well-thought out and structured business discussions with the Chargers and their legal representatives," said Chris Melvin, of the legal firm Nixon Peabody, one of the experts hired by the city and county. "We have gone through a myriad of issues -- we are working through them," Melvin said. "We have committed to them, and I think they have committed to us, to try to get this done."
Both sides have been trying to reach a financial agreement that will keep the team from bolting out of San Diego and moving to Los Angeles.
"The city/county negotiating team, as you see us here, is prepared to meet as often as necessary with the Chargers to reach an agreement by that time," Faulconer said. "We can get a new stadium approved this year if we work together to get it done."
The San Diego City Council has until September 18th, to approve measures that would be placed on the ballot.
The mayor said the city and county can comply with the NFL timeline, and a citywide vote could take place before the NFL's possible relocation vote.
According to the mayor, a third meeting is expected to take place in the coming days.