Melbourne is ready to host an Olympics and should dream big for a possible 2024 or 2028 bid, the city's lord mayor says.
Lord Mayor Robert Doyle said Melbourne's venues and stadiums were ready and had been proven successful in major events.
"I don't think there'd be another city in the world not hosting the Olympics that is as well prepared as we are right now," he told reporters on Tuesday.
"Think what we could do if we did dream large for 2024 or 2028."
Mr Doyle said Melbourne would need federal support to fund the Games and maintained the city would host the event in its own cost-effective style.
"We would do it differently. We wouldn't try to replicate bigger and better. We'd do it in a very Melbourne way," he said.
"You find ways you can do things that are memorable that are typically us and within our budget."
Mr Doyle said first world countries spending big on hosting the Olympics was not sustainable and a good economic case for the Games must be made first.
"If we think we can make all of those line up let's go for it," he said.
However Australian Olympic Committee (AOC) president John Coates has said Brisbane is the likely candidate for the next Australian Games bid.
"It's the best climate to host an Olympic Games in the window the International Olympic Committee is allowing," he told News Limited in July.
Mr Doyle did not want to talk about Brisbane.
"I don't know about Brisbane's infrastructure. I know we can (host it) and that's the important thing," he said.
Melbourne hosted the Olympics in 1956 and the Commonwealth Games in 2006.