Hungarian Olympic Committee (HOC) officials have recommended Budapest should bid for the 2024 Olympic and Paralympics but will carry out a feasibility study before making a definite decision.
The decision was taken today after approval from 125 of 126 delegates in the Hungarian capital at the body's General Assembly, chaired by HOC secretary general Bence Szabo rather than President Zsolt Borkai.
Wide-ranging discussions took place on the likely cost of the bid, as well as potential venues and public and Government support.
Among those present was Hungary's International Olympic Committee (IOC) member, Pál Schmitt, who explained the ramifications of the IOC's Agenda 2020 reform process, agreed last month in Monte Carlo.
But, in order to ascertain further the merits of launching a bid, an Olympic Patronage Board has been set up, carrying out a study which is expected to be finished by the end of May.
A final decision is expected soon after.
A major challenge for the HOC could come from the city's political authorities, with Budapest Mayor Istvan Tarlós having dismissed the bid as "unrealistic" and "unviable" when it was first muted in September.
That was, however, before the Agenda 2020 changes, which guarantee more support from the IOC for bidding cities and raise the possibility of more events being held outside the host city in order to reduce costs and take advantage of pre-existing venues.
In December, Borkai claimed the reform measures had created a "historic opportunity" for Budapest, suggesting that events could be held in other cities, such as Debrecen, Szeged and Győr, as well as the capital.
If a positive decision is eventually made, Budapest will join Rome and Boston as official contenders.
A decision by the German Olympic and Sports Confederation on whether to nominate either Berlin or Hamburg is due to be made on March 21.
Baku, Doha, Istanbul and either Pretoria or Gauteng Province in South Africa are among other potential contenders.
Budapest has never hosted either a Summer or Winter Games, but has bid unsuccessfully for five previous editions, most recently for the 1960 version eventually awarded to Rome.
Although the deadline for confirming bids is September 15, a special invitation phase for the 2024 Olympic bid process started on January 15, with the IOC keen to provide more consultation with cities in order to generate more popular support.
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February 2015: Hungarian Olympic Committee set to decide whether to launch Budapest 2024 bid
December 2014: Agenda 2020 has created "historic opportunity" for Budapest Olympic bid, claims leading official
September 2014: Budapest Mayor rules potential bid for 2024 Olympics "not viable" and "unrealistic"
September 2014: Budapest considering bid for 2024 Olympics and Paralympics