The recommendation followed a behind closed doors meeting of the Committee today.

The meeting came after Calgary Mayor Naheed Nenshi threatened to cancel the bid should a funding agreement not be reached between the city and the Provincial and Federal Governments.

With no agreement reached the Assessment Committee has now recommended the Canadian city withdraws from contention.

Councillor Evan Woolley, chair of the Committee, released recommendations which will be voted on by the Calgary City Council tomorrow.

They read: "Given the Government of Canada, Government of Alberta, City of Calgary and town of Canmore have been unable to conclude a cost-sharing arrangement to fund the public sector portion of Calgary 2026's draft hosting concept in sufficient time to ensure that Calgarians have sufficient information to make an informed decision during the 2018 November 13 vote of the electors:

"A. Rescind the authorisation provided to the city manager on 2018 September 11 to negotiate cost sharing arrangements to host the 2026 Olympics Winter Games.

"B. Cancel the vote of the electors scheduled to be held on 2018 November 13."

The recommendations also state that the Council should "direct the city solicitor and general counsel to take all steps and Mayor Nenshi, the city manager and/or the city solicitor and general counsel to sign any documents necessary to wind up the Calgary Bid Exploration Committee and Calgary 2026."

A recommendation was also put forward for a report to be provided to the Council on the total costs expended by the city on the project, including the Bid Exploration Committee, the city secretariat and funds provided to Calgary 2026.

The Council are set to meet tomorrow where 10 votes from the 14 Councillors will be required to officially cancel the city's bid for the Olympic Games.

Members of the public had been due to vote on the issue in a plebiscite on November 13, when a no vote would have also all-but ended the bid.

It was reported on Friday (October 26) that Nenshi had written to Canadian Prime Minister Justin Trudeau claiming a agreement must be reached by yesterday 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 city, Federal and Provincial Governments 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 a 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 needed.

Should the Council vote in favour of cancelling the city's bid, as expected, it would represent a significant blow to the International Olympic Committee (IOC).

It would leave the IOC with only two bidders for the second consecutive Winter Olympic race, following Almaty and eventual winners Beijing for the 2022 Games.

While those two cities reached the conclusion of the bid race, the 2026 efforts from Sweden's capital Stockholm and the Italian effort from Milan/Cortina are still surrounded by doubt with both lacking political support.

IOC President Thomas Bach, speaking earlier today, claimed he would not speculate on the race but stated that discussions remained ongoing with Calgary, Stockholm and Milan/Cortina.

"We are working with these three cities and countries," he said.

"In Sweden there have just been elections, which has led to discussions about forming a coalition.

"An Olympic candidature, which would mean hosting Games eight years from now, is not enjoying the top priority of these negotiations.

"You know what kind of thing can happen in these negotiations when it comes to trading.

"Our Swedish friends are speaking with the Government and are optimistic, this is ongoing.

"In Calgary it is about money.

"They sit in a closed room now for a third consecutive day.

"They can make their political fights over who is ready to contribute to support the modernisation of Calgary.

"We wait for the outcome.

"We will continue this procedure."

Some have tipped the United States to step in with a 2026 bid should all three contenders left in the race collapse, with Salt Lake City a potential contender.

Patrick Sandusky, the chief external affairs officer at the United States Olympic Committee (USOC), insisted today that the country was looking at a later Games, however.

"The USOC has expressed interest in bidding for future Winter Games, but we are not involved in the 2026 campaign," he said on Twitter. 

"Our current process to identify a US city is related to a future Games with multiple cities involved in those discussions."