Lord Mayor Robert Doyle said Tuesday that Melbourne's venues and stadiums were ready and had been proven successful in major events.
Melbourne hosted Australia's first games in 1956 and the Commonwealth Games in 2006.
Doyle said he doubted any other city in the world not hosting the Olympics "is as well prepared as we are right now. Think what we could do if we did dream large for 2024 or 2028."
Australian Olympic Committee president John Coates has previously said Brisbane is the likely candidate for the next Australian Olympic bid.