The capital's mayor said action was needed to ease traffic congestion by 20% by 2030 when the population is predicted to reach 10 million - more than the current population of Sweden.
The first tunnel, known as the Northern Cross City Corridor, would run from the A40 at Park Royal in west London to the A12 at Hackney Wick in east London. A second tunnel could run west to east from the A4 in Chiswick to the A13 in Beckton.
The underground roads would likely be built with private finance which would be repaid by motorists paying a fee to use them.
"London is booming and, as our great capital thrives, our ambitions for the veins and arteries that keep our city alive must grow with it," Mr Johnson said.
"Around eight of every 10 journeys in London are made using our roads - whether by car, taxi, motorbike, bus, cycle, foot or freight - which is why it is vital that we think big.
"We must deliver long-term solutions that will not just make the most of the space we have for road users, but bring environmental and amenity improvements to local areas."
Transport bosses have examined similar schemes in cities such as Stockholm and Boston.
Alternative options including an orbital tunnel are being considered, and a number of smaller tunnels and so-called fly-unders have also been identified across London.
Mr Johnson said he was proud of a number of measures taken to ease congestion during his time in office, but insisted "we need to go further".
"By pushing forward strategic initiatives we are outlining today, we will lay the foundation for the next wave of improvements to everyone's experience of the road network across the city," he added.
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