los angeles olympics
Los Angeles is one step closer in putting up a bid for the 2024 Summer Games. Pictured: The Los Angeles Memorial Coliseum, venue for two previous Olympic Games, was viewed on August 26, 2015 in Los Angeles, California. Mark Ralston/AFP Photo via Getty Images

A major U.S. city could make a bid for the 2024 Summer Olympics after all. The Los Angeles City Council will vote on the city’s official bid for the 2024 Summer Games on Tuesday, an anonymous source reportedly told the Los Angeles Times.

The source, who was described by the LA Times as close to the situation but unable to speak on the record, said that city officials and the U.S. Olympic Committee have finalized negotiations on the bid. The agreement will be taken to a vote on Tuesday in which the city council can then authorize Mayor Eric Garcetti to take the bid to the next stage, the LA Times reported.

"We've made significant progress and are awaiting council approval before taking any next steps," said Jeff Millman, an aide to the mayor, according to the Times report.

Applications to the International Olympic Committee are due by Sept. 15, and the final city will be chosen in 2017.

Garcetti is said to have budgeted the bid at $4.1 billion and has remained steadfast that the project will not exceed that amount. In fact, Garcetti has predicted a $161 million surplus, fueled by revenues from broadcast airings and ticket sales as well as sponsorships, the Associated Press reported.

The anticipated rising costs of hosting the event was one of several reasons Boston withdrew its bid earlier this year. City officials and experts also expressed concern over Boston’s ability to handle the large influx of people, with its public transportation system, and the need for new stadiums.

Los Angeles, however, has already hosted the Summer Olympic Games -- first in 1932 and again in 1984.

Under Garcetti’s plan, preparing the city’s arenas -- L.A. Memorial Coliseum, the Staples Center and the Stubhub Center -- and the building and renovating of other prospective sites would require an investment of about $1.5 billion, AP reported.

Even if Los Angeles moves forward in its bid, the city faces competition from other prominent international players. In June, Paris announced its bid, according to the Guardian. Hamburg, Germany, and Budapest, Hungary, have also entered bids