Wednesday, 24 February 2021:

Queensland is on the verge of being awarded exclusive negotiation rights to host the 2032 Olympic Games.

The expected move by the International Olympic Committee (IOC) effectively gifts overwhelming favouritism to the Queensland bid, centred on Brisbane and the Gold Coast.

The IOC's Future Host Summer Commission will present a report to an IOC executive at a meeting overnight Australian time.

"We are not privy to that presentation but look forward to any advice in due course," an Australian Olympic Committee (AOC) spokesman said on Wednesday.

The IOC executive will then vote whether to accept the commission's proposal which is understood to favour awarding Queensland exclusive negotiation rights ahead of a formal host city announcement by 2024.

Numerous other cities including Budapest, Istanbul and Doha had previously flagged interest in hosting the 2032 Games.

But Queensland's bid, which also covers the Paralympic Games, has long been considered favourite.

A report in February forecast the south-east Queensland bid would deliver a $36 billion windfall for the state.

The Value Proposition Assessment report predicted $20 billion in tourist spending plus $8.6b in increased export opportunities and some $7.4b in economic benefits.

Staging the Olympics would essentially cost Queensland nothing, with the IOC promising about $2.6b and further costs covered by sponsorships and ticket sales.

AAP