The two Koreas agreed have agreed to send a letter to the International Olympic Committee confirming they want to co-host the 2032 Summer Games.
Sports officials from both nations held talks on Friday to discuss ways of expanding sports exchanges. In a joint statement, they said they agreed to form a combined team to compete in next year's men's Handball World Championship in Germany.
South Korean President Moon Jae-in and North Korean leader Kim Jong Un agreed to pursue the joint Olympics bid at their summit in September in Pyongyang.
The rivals vowed to "actively participate" in international sports events hosted by each other and organise more friendly competitions between them.
"The plan is to organise friendly competitions marking meaningful anniversaries between the South and North, for example the first anniversaries of the (April) inter-Korean summit and the PyeongChang Winter Olympics," said South Korean vice sports minister Roh Tae-kang.
Athletes from North and South Korea marched earlier this year under a unified peninsula flag at the PyeongChang Winter Olympics opening ceremony, and tensions between the two Koreas had thawed significantly since.
Indonesia and India have also expressed interest in hosting the 2032 Summer Games.
AP
