The Federal Council said in a statement that they "welcomed" the work being done on a Swiss candidacy for the Games in 10 years’ time while confirming they would provide the required financial assistance.

They have also agreed to establish an interdepartmental working group, which will "support the primary responsibility of the Swiss candidature" in feasibility studies by "providing strategic advice and information".

The Federal Government warned, however, that a "sporting event of this magnitude cannot take place without substantial financial support from the Government".

"The Winter Olympics can be very promising for the sport, the economy and society in Switzerland," the statement read.

It has been claimed that the backing of the Federal Council, which constitutes the Swiss Federal Government, usually comes after a sole candidacy has been selected.

There are currently four ongoing applications which are seeking to be selected by Swiss Olympic as the chosen candidate.

Western Switzerland, one of the projects being considered, was given the support of the State Councils of the cantons of Valais and Vaud last month.

The Council of State of Valais offered their financial backing by contributing CHF4 million (£3 million/$4 million/€3.5 million) towards the promotion of an "international application".

A further CHF1 million (£790,000/$980,000/€930,000) will also be contributed by both the State Council of Vaud and the city of Sion.

Sion has been chosen as the host city for the project, while Montreux, who had also expressed interest in being the selected city, will also play an important role.

"Olympic Winter Games 2026 Graubünden and partners" and multi-region efforts "2026 - Games for our future" and "Switzerland 2026" make up the rest of the projects interested in entering the Olympic and Paralympic bid race.

The four potential candidates must submit full details of their projects to Swiss Olympic before December 15, with the options for sport venues expected to be revealed the following day.

A Swiss Olympic Executive Board meeting will take place to make a decision on the candidature in March, with their verdict subject to ratification by the Swiss Parliament of Sport, the supreme body of Swiss Olympic, in mid-April.

"The Federal Council's decision will depend on the financial feasibility of the support of the population in the regions and the municipalities concerned and the concept of sustainability, which will provide a comprehensive picture of the impact of the Winter Olympics in our country," the statement added.

St Moritz in Switzerland has hosted the Winter Olympic Games on two previous occasions, in 1928 and 1948.

International Olympic Committee members are due decide who will host the 2026 Games in 2019.