The United Kingdom and Ireland have announced plans for a bid to host the 2028 European Championship, the football associations of England, Northern Ireland, Scotland, Wales and the Republic of Ireland said in a joint statement on Monday.
The five associations have dropped plans to bid for the 2030 World Cup and will instead focus on the European tournament.
"Hosting a UEFA EURO offers a similar return on investment, with the European tournament carrying a far lower delivery cost and the potential of the benefits being realised sooner," they said in a statement.
"We believe the U.K. and the Republic of Ireland can offer UEFA and European football something special in 2028 -- a compact and unique five-way hosting collaboration that will provide a great experience for the teams and the fans."
UEFA said in October that countries interested in hosting the 2028 European Championship must confirm their bid by March.
However, Europe's football governing body also said automatic qualification as hosts will not be guaranteed if more than two countries submit a joint bid.
Italy, meanwhile, have indicated their interest in hosting the 2032 European Championship.
"In the last few days the Italian Football Federation presented to UEFA its expression of interest for hosting Euro 2032," the Italian Football Federation (FIGC) said on Monday.
Italy had originally planned to bid to host either Euro 2028 or the 2030 World Cup, but the FIGC said hosting the 2032 European Championship would provide a "wider time window" to modernise the country's stadium infrastructure.
The bidders will be announced in April while the hosts will be appointed in September, 2023.
Euro 2020, postponed to 2021 due to the COVID-19 pandemic, was held in several host cities across Europe, with England hosting a few games including the semifinals and final at Wembley Stadium which has a capacity of 90,000.
The 2024 tournament will be hosted by Germany.