Mayor John Tory says he is throwing his support behind a bid to co-host the 2026 FIFA World Cup.

A staff report, which will be discussed by the city's executive committee at a meeting later this week, recommends that city council ask the federal and provincial government to agree to provide financial support to Toronto to host the international sporting competition.

The report says national soccer associations in Canada, the U.S., and Mexico are leading a joint bid to host the World Cup in North American cities.

“Canada would automatically qualify for the tournament by virtue of being a host nation. Based on current discussions, Canada and Mexico would host 10 games each, with the remainder being played in the United States. The only other country bidding to host the Cup is Morocco,” the staff report read.

“Toronto has been named as one of four Canadian host city candidates, along with Vancouver, Edmonton and Montreal. 28 other candidate cities in Mexico and the United States are also being considered. It is anticipated that Toronto would host 3-5 games if the bid is successful, and if Toronto is selected by United Bid Committee and Fédération Internationale de Football Association as a host city.”

According to the staff report, the host nation will be named in June 2018 and individual host cities will be chosen in 2021.

“Hosting the FIFA World Cup is a once in a generation opportunity to showcase Toronto to the world,” Mayor Tory said in a news release issued Monday.

“Coming off the success of the Pan Am/Parapan Am Games and the Invictus Games, it is clear that Toronto and Torontonians are ready to be one of the host cities for this iconic event.”

Exhibition Place’s BMO Field is being put forward as the stadium that would be used for the event and city staff says the price tag is estimated to be between $30 million to $45 million to co-host the competition.

The costs, according to staff, would be shared between the city and the provincial and federal governments.

"It’s great because it gives us a chance to be part of the greatest sports show on earth but at a very low cost because this is a joint bid between Canada, the U.S., and Mexico," Tory told CP24 on Monday morning.

"For a few games, for a very modest expansion of BMO Field with the temporary seating, which we’ve done for the Grey Cup, to get World Cup games here, I think the people in Toronto would go nuts about that in a positive way and say, ‘Go for it.' So that’s what we’re going to do."