The satellites would be set up over areas of high demand in huge clusters, or "constellations", and provide a global network that would provide VoIP, video, data and wireless communications channels.
"Nasa wants to work with companies to develop a new economy in space," said Nasa Ames Center director S. Pete Worden.
The agency has partnered with Californian nanotechnology firm Machine-to-Machine Intelligence to develop a production line capability for the nanosats. They will weigh between 5kg and 50kg and would be mass launched where needed.
"The 'constellation' will provide a robust, global, space-based, high-speed network for communication, data storage and Earth observations," said Geoff Brown, chief executive at Machine-to-Machine Intelligence.
"Nano-satellites take advantage of the significant technological advances in microelectronics and will be produced using low-cost, mass-production techniques."