Melbourne's Lord Mayor Robert Doyle and renowned event organiser Ron Walker are touting their city as a possible host for the Olympic Games in 2024 or 2028.
Walker, who was a Commissioner for Melbourne's 1996 Olympic bid, said the city was a "ready-made host" of the prestigious sporting spectacle, the Herald Sun reports.
"Melbourne has always dreamed ahead, and we've pulled it off," he said.
"We have the facilities ... and a young, highly invigorated committee could pull it together."
His sentiments are backed by Lord Mayor Robert Doyle who said he thought the benefits outweighed the potential costs.
An Olympic bid reportedly costs up to $100 million with another $3 billion required to stage the Games.
However, Brendan McClements, CEO of the Victorian Major Events Company questions whether Melbourne could win the right to host the Games.
"The real question is how does it fit into the international calendar, and what other cities would be in the mix?" he said.
Melbourne hosted the Olympics in 1956 while Sydney hosted in 2000, hurting chances of another Australian Olympic tilt.
Australian Olympic Committee chief John Coates has stated a preference for Brisbane hosting the Games.