Hungary's Olympic committee proposed Friday that Budapest consider bidding for the 2024 Summer Games.
The committee voted 125-1 in favor of a resolution backing the study of a potential Budapest bid.
So far, Rome and Boston have announced bids for the 2024 Olympics. Germany will decide between Berlin and Hamburg as its candidate. France, South Africa, Qatar and Azerbaijan are also weighing possible bids.
The deadline for submission of bids to the IOC is Sept. 15.
Budapest's decision to explore a possible bid follows the IOC's approval of "Olympic Agenda 2020" reforms in December. The changes are designed to make the bidding process cheaper and allow for multi-city, regional or countrywide bids.
The IOC reforms "could significantly lower the costs of preparing and hosting the Olympics in Budapest", said Gusztav Bienerth, a member of the board of trustees dealing with the bid. "The IOC has eliminated the concept of 'luxury' Olympics."
Bienerth said some events, like canoe slalom, could be held outside Hungary, while cities other than Budapest could also host events.
Budapest Mayor Istvan Tarlos said last year that it would be "unrealistic" for the city to host the 2024 Games.
The Olympic committee will update a feasibility study and ask the Academy of Sciences, trade unions and chambers of commerce to take part in the debate about the bid.
Budapest has bid unsuccessfully several times for the Olympics, including for the 1920, 1936 and 1960 Games.