Dr Gregg Homer, from Stroma Medical in California said his Lumineyes technology uses a laser tuned to a specific frequency to turn brown eyes to blue.
The laser energy removes the brown pigment, or melanin, from the top layer of the iris, and the blue eye colour emerges over the following two to three weeks.
It would provide an alternative to those who wanted lighter eyes without resorting to cosmetic contact lenses.
However the procedure - which Dr Homer has developed over 10 years - is irreversible because the brown tissue cannot regenerate.
Stroma Medical has started limited human testing but is seeking up to £500,000 to complete clinical trials.
If all goes to plan Dr Homer says the procedure could be available outside the U.S within 18 months and inside the U.S in three years.
The former entertainment lawyer said the operation would cost around £3,000.
Dr Homer told KTLA Morning News that thousands of prospective clients had contacted him by email to express their interest.