The city of Cardiff is planning a bid to host the Commonwealth Games in 2022.
The Welsh capital would be the central base, but facilities in both Swansea and Newport would also be used.
Friday's BBC Sport Wales show revealed talks have begun within Cardiff Council and an approach will be made to the Welsh Assembly Government for support.
"I think it's about time now that we seriously consider hosting the Commonwealth Games," said Cardiff Council executive member Nigel Howells.
606: DEBATE"[That would probably be] the Commonwealth Games of 2022."
In recent years Cardiff has gained an impressive reputation for attracting and hosting major sporting events.
Within the last decade the city has hosted a Rugby World Cup final, FA Cup finals, world championship boxing and rallying, Grand Prix speedway and Ashes Test cricket.
In October 2010, golf's Ryder Cup will be held at the Celtic Manor Resort near Newport.
The Commonwealth Games, however, would be the biggest sporting event ever hosted in Wales, with 72 teams from around the world and over 5,000 athletes.
The 2010 Commonwealth Games are being held in Delhi, although there have been recent concerns over delays in construction.
The 2014 Games will be hosted by Glasgow with the estimated £300m cost split 20%-80% between the city council and the Scottish government.
Cardiff plan to propose a similar partnership with the Welsh Assembly Government for 2022.
The capital hosted the old Empire Games in 1958, but could find competition for the 2022 event from Belfast and Birmingham.
The bid would centre mostly on existing facilities such as the Millennium Stadium, Cardiff Athletic Stadium, Cardiff International Pool, Newport Velodrome and Swansea's Liberty Stadium.
Councillor Howells, who has special portfolio for sport and leisure, added: "The benefits to the region would be huge.
"Manchester held the Games in 2002 and they estimate that they get an extra 300,000 tourists a year into their region as a direct result of the Games.
"Obviously the major barrier is going to be funding and that's why we need to have discussions with the Welsh Assembly"
"They've also estimated they've had an additional £600m of investment into the region since the Games and 20,000 jobs.
"So from a south Wales region point of view, the benefits are significant.
"I don't see it so much as a Cardiff bid as a south Wales bid, because the facilities we have can be spread throughout the region. That's not an issue as far as I am concerned.
"Obviously the major barrier is going to be funding and that's why we need to have discussions with the Welsh Assembly - and I think it's probably a project that needs to be driven by the Welsh Assembly [Government] in order to look at what we've got.
"I'm saying, let's do a feasibility study of what infrastructure we have and what's needed.
"We can then see what deficiencies we have, how we can overcome them, and how we can deliver a successful Games.
"Wales has a proud history at the Commonwealth Games. We hosted it in 1958 and we're one of only six countries that have been in every Games since 1930.
"We are 13 years away now from 2022. The longer you have in this process, the better. So, the sooner we start, the better."
Glasgow councillor Archie Graham, executive member for Commonwealth Games delivery, said: " I would say to Cardiff, go for it. I think it would be fabulous if Cardiff were to get the 2022 Games.
"It's very interesting that they're starting to think about that now because this is the length of lead-in period you need.
"You need to be thinking way, way ahead if you're to have any realistic prospect of being awarded the Games."
*Watch the full report on Sport Wales, Friday, 16 October, BBC TWO Wales, 2200-2230 BST
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