Cardiff is set to re-bid to be a Euro 2020 host city, three years after originally missing out.
Plans were originally approved in 2014 but the city lost out with its bid.
But following doubts over the proposed Eurostadium in Grimbergen, north of Brussels, Uefa has begun a fast-track process to pick an alternative city.
Football’s governing body has invited Wembley, Cardiff and Stockholm to enter the process and plans will be discussed by Cardiff council on Thursday.
The council has been asked in a report to give “urgent approval” to support the resubmission of the 2014 bid.
The Football Association of Wales has previously said it was “delighted” to be given the chance to bid again.
Four matches – three group games and one from the round of the last 16 teams – are available for bids.
The Uefa Executive Committee will decide on 7 December and council approval is needed as the authority will be required to pay towards hosting if the bid is successful.
Partners the FAW, UK and Welsh governments, Cardiff Airport, Principality Stadium and South Wales Police will also need to confirm their financial support.
The tournament is being staged in 13 cities across Europe and officials in Belgium have until 20 November to prove they have all relevant permits to begin stadium construction.
It is estimated a successful bid could benefit Cardiff by about £110m – up from £40m when the bid was first submitted.
“This figure has now been amended based on the experience of Bordeaux in 2016 where the economic impact was valued at £110m,” said the report.
“Bordeaux hosted five games in its 35,000-seat stadium so this is considered to be a conservative estimate for Cardiff and Wales given the larger capacity of the Principality Stadium.”