Germany will bid to host the 2024 Olympic and Paralympic Games and, if they are unsuccessful, again in 2028, they have confirmed.
Both cities outlined concept proposals for a bid last month.
Berlin has previously put a figure of €2.4 billion (£1.9 billion/$3.1 billion) on hosting the Games.
The German capital would spend €250 million (£197 million/$318 million) on upgrading 15 existing sports facilities and €1 billion (£790 million/$1.3 billion) building temporary ones for the Games.
Under Berlin's plan from outgoing Mayor Klaus Wowereit, many of the events would be held in the surrounding states of Brandenburg, Mecklenburg-West Pomerania, Saxony-Anhalt, and Saxony.
Hamburg, meanwhile, plans to hold the majority of the events within a ten-kilometre radius of a new Olympic Stadium.
This central venue would be built on the island of Kleiner Grasbrook in the city's harbour on the Elbe River.
"The Olympic and Paralympic Games are for the German sports the most important event ever," DOSB President Alfons Hörmann said.
"The Olympic and Paralympic Games, created sustainably, are a chance for the whole country and especially for the host city and region.
"From Munich 1972 to London 2012 it becomes clear what they can trigger in the economy and society if well conceived and executed."
The DOSB revealed in a statement that if they are unsuccessful in 2024, they will bid again for the 2028 Games.
Germany has been reluctant to decide upon a single candidate city in an effort to avoid a repeat of Munich's bid for the 2022 Winter Olympic and Paralympic Games.
Last year, a referendum held in Munich and the surrounding areas voted against backing a bid for the 2022 Winter Olympics and Paralympics, leaving the DOSB unable to proceed.
A referendum will be held in each city to determine whether they wish to move forward with a bid for the 2024 Games, however the DOSB are confident of favourable public support.
According to its own polls, a narrow majority was against the Games in Berlin, 48 per cent for and 49 per cent against, while the project had the support of 53 percent of the Hamburg population.
If Germany were to become successful in their bid, it would be the first time the country has hosted the Olympics since Munich 1972 - a Games overshadowed by a deadly attack on Israeli athletes by Palestinian terrorists.
Since Munich, there have been several unsuccessful bids from Germany.
Berlin failed to land the 2000 Summer Olympics in Sydney and Leipzig was defeated for the 2012 Games in London.
Garmisch-Partenkirchen lost the bid for the 1960 Winter Games to Squaw Valley, California, while Berchtesgaden missed out on the 1992 Winter Games, which was awarded to Albertville in France.
A number of other European cities are considering bids for 2024, including Paris on what would be the 100th anniversary of the 1924 Games there, as well as Baku, Istanbul and Rome.
The United States is also expected to bid, with a shortlist containing Boston, Los Angeles, San Francisco and Washington D.C.
Doha are also expected to bid for the third consecutive time.
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October 2014: Germany to proceed cautiously on 2024 Olympic bid to avoid "second Munich"
September 2014: Berlin and Hamburg outline concepts behind possible 2024 or 2028 Olympic bids
August 2014: Berlin Mayor to unveil plans for 2024 Olympic bid
May 2014: Berlin and Hamburg sent questionnaire as process to decide whether Germany should bid for 2024 Olympics begins
May 2014: Study into Hamburg 2024 Olympic bid launched as joint bid with Copenhagen also proposed