The DOSB added that a decision will be made on March 21, 2015 on which of the two cities will be picked.
"Olympic and Paralympic Games are the most important events for German sports," said president Alfons Hoermann in a statement.
"Sustainable Olympic and Paralympic Games are a chance for the entire country and especially for the city hosting the Games and its region.
"From Munich 1972 to London 2012 it becomes clear what they can trigger in the economy and society if well conceived and executed," Hoermann said.
The DOSB explained that a German bid would be launched for the 2028 Olympics should the 2024 effort fail.
While only Beijing and Kazakhstan's Almaty are left in the race for the 2022 Winter Games, a string of potential hosts, including a U.S. city, Istanbul, Paris, Rome, Doha and a city from Africa, are considering bids.
The 2016 Summer Games will be held in Rio de Janeiro while Tokyo is to host the 2020 Olympics.
(Reporting by Karolos Grohmann, editing by Tony Jimenez)
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