The Wales, England, Northern Ireland, Scotland and Republic of Ireland football associations will focus on a joint-bid to host Euro 2028.
It comes after the associations opted against bidding to hold the 2030 World Cup.
A statement read: "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."
The Football Association of Wales [FAW] have stated they will continue to collaborate with government partners of the United Kingdom and Ireland about the next phase of the tournament bid process.
FAW president Stephen Williams said: “Here in Wales, the Red Wall have a special affinity with the European Championships and for us to potentially see Cymru participating as a host country at UEFA EURO 2028 is an exciting prospect.
"I’m incredibly proud that the Football Association of Wales is supporting this bid alongside the football associations of Northern Ireland, Scotland, England and the Republic of Ireland.
"The positive impact that this will have on Wales as a whole is immeasurable and will leave a long-lasting legacy.”
The deadline for national associations to confirm their interest to bid for Euro 2028 is on March 23.
UEFA will announce the full list of bidders on April 5 while final bid dossiers must be submitted by April 12, 2023.
The host for the tournament will be announced in September 2023.
Interested parties need to provide a total of 10 stadiums that meet the following requirements:
• Minimum of one stadium with at least 60,000 net seating capacity
• Minimum of one stadium, preferably two stadiums, with at least 50,000 net seating capacity
• Minimum of four stadiums with at least 40,000 net seating capacity
• Minimum of three stadiums with at least 30,000 net seating capacity
The Principality Stadium is capable of holding 74,500 supporters while Cardiff City Stadium has a capacity of 33,280. However, the Principality Stadium is the only Welsh venue being considered to host matches in Wales.
Wales return to action against Austria in the World Cup play-off semi-finals on March 24.
The winner of that contest will host either Scotland or Ukraine in the final on March 29 - with a place at this year's World Cup in Qatar up for grabs.
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