According to Japanese news agency Kyodo News, the Organising Committee is planning to boost the budget by ¥3.5 billion (£25.5 million/$33.7 million/€27.7 million).

Should organisers go ahead with the increase, the kitty for the Opening and Closing Ceremonies, set to be staged at the new National Stadium, will stand at ¥16.5 billion (£121 million/$159.7 million/€131.6 million).

A Board meeting is due to be held tomorrow with the budget increase expected to be on the agenda.

Kyodo News understands the move is being considered following the influence of the one-year postponement of Tokyo 2020 due to the coronavirus pandemic.

The Ceremonies were initially budgeted to cost ¥9.1 billion (£64 million/$82 million/€72 million) when the Japanese capital city revealed its plans during the bidding process.

This was then increased by nearly 43 per cent in February last year to take the total to around ¥13 billion (£91 million/$117 million/€103 million).

Following the outbreak of coronavirus, the Olympics and Paralympics were postponed until 2021.

Organisers originally expected to spend around $13 billion (£9.7 billion/€10.8 billion) on staging the Games, but it was announced earlier this month that the postponement would cost $2.8 billion (£2 billion/€2.3 billion).

The Tokyo Metropolitan Government will reportedly pay $1.1 billion (£820 million/€900 million), with the Organising Committee contributing $1 billion (£740 million/€820 million).

The remaining $700 million (£520 million/€575 million) would be covered by the Japanese Government.

Tokyo 2020 and the International Olympic Committee have announced 50 cost-cutting measures since the postponement, which they claim will save $288 million (£217 million/€241 million).

Organisers are also looking to spend $960 million (£720 million/€801 million) on COVID-19 countermeasures as it bids to stage a successful Games.

Mansai Nomura, the famous Japanese kyogen actor, will be the chief executive creative director of the Opening and Closing Ceremonies.

Nomura is best known for his performances on stage and in film as an actor, but has also produced and directed performances both in Japan and overseas.

Takashi Yamazaki is the executive creative director for the Opening and Closing Ceremonies of the Olympic Games.

Hiroshi Sasaki will have the same role for the Paralympic Games.

Sasaki oversaw the Flag Handover Ceremony at the 2016 Olympic Games in Rio de Janeiro where Japan's then Prime Minister Shinzō Abe appeared dressed as Mario of Nintendo console game fame.

The Olympics are now due to take place from July 23 to August 8, followed by the Paralympics from August 24 to September 5.