The Canadian city's attempt appears close to collapse with the Council's Olympic Committee set for a crunch meeting tomorrow.

According to the Calgary Herald, members will be asked to end any work on the bid.

They will also be asked to cancel the November 13 plebiscite on the issue and pull out of funding negotiations with the Federal and Provincial Governments, the newspaper said.

These decisions would then need to be rubber-stamped by Calgary's Full Council on Wednesday (October 31).

But a source told the Calgary Herald the bid was "over".

"There were some last-ditch efforts happening to salvage the bid," the source said.

The bid has stalled over the lack of an agreement on funding between Calgary and both Governments.

Despite the Calgary Herald report, a spokesman for the office of Calgary's Mayor Naheed Nenshi said to CBC that negotiations between the parties would continue.

It was reported yesterday that Nenshi had written to Canadian Prime Minister Justin Trudeau claiming a agreement must be reached by today or he would cancel the bid.

"If we cannot come to a mutually agreeable conclusion by Monday, I deeply regret that I will have no choice but to request that Calgary City Council cancel the plebiscite and thus terminate the bid; an event none of us want," Nenshi reportedly wrote.

Nenshi claimed he had informed Prime Minister Trudeau at the start of negotiations that a "dollar matching plan" would not be possible and would result in the end of the bid.

It is claimed discussions began between the three parties at Pyeongchang 2018.

A dollar matching plan has been typical of major international events held in Canada.

This has been used for the Vancouver 2010 Winter Olympics and the 2015 Pan American Games in Toronto.

Under the policy the Federal Government provide 50 per cent of funding for events.

A leaked report claimed that the Federal Government would provide up to CAD$1.75 billion (£1 billion/$1.3 million/€1.1 million) in funding for Calgary 2026.

It is believed the City of Calgary and the Provincial Government of Alberta would need to pledge the same combined total as the Federal Government to receive the funding, however.

The Government of Alberta pledged CAD$700 million (£408 million/$537 million/€464 million) in funding should Calgary host the 2026 Winter Olympics and Paralympics earlier this month.

The City of Calgary, according to the letter, were expecting to commit CAD$370 million (£219 million/$281 million/€246 million).

With CAD$3 billion (£1.8 billion/$2.3 billion/€2 billion) required by Calgary 2026, the combined city, Provincial and Federal figure would be significantly short of the total required.

Nenshi reportedly suggested the policy requiring other Governments to match federal funds could be changed or costs on areas such as security and affordable housing could be recalculated. 

The Government of Alberta have indicated they will not be prepared to change their contribution with the situation reaching deadlock.

The next hurdle was due to be the plebiscite on November 13 where the general public would be given the chance to back the bid.

Any "no" vote would almost certainly lead to its collapse.

Calgary is one of three candidates remaining in the race for the 2026 Winter Olympics, alongside Stockholm and a Milan and Cortina D'Ampezzo bid from Italy.

However, in a worrying situation for the International Olympic Committee, both also lack political support.