Following an hour-long meeting at the Presidential Palace, Widodo announced that the success of the ongoing Asian Games has shown Indonesia has the ability to host on a larger scale.

The Asian Games is the second largest multi-sport event behind the Summer Olympics.

A total of 45 nations are competing across 60 different sporting disciplines at this year's edition.

It was awarded to Indonesia just four years ago after Vietnam pulled out for financial reasons and while there have been some issues, especially regarding ticketing and transport, the Games have been widely praised for its organisation.

"After the excellent experience of the Asian Games we now believe that we can host the very biggest sporting event," Widodo said.

"In Indonesia we believe we can host the Olympic Games 2032."

Olympic Council of Asia President Sheikh Ahmad Al-Fahad Al-Sabah is one of those to have praised the event, while Bach claimed Indonesia has shown it has "all the ingredients" to host a successful Olympics.

"Here in Indonesia there is a great combination of friendliness and efficiency and this is what the Games are about," Bach said. 

"The Asian Games build a very solid foundation for such a candidature. 

"It is a great decision which gives the youth of this young country a vision for the future and capitalises on the success of the Asian Games."

Indonesia's interest was originally highlighted back in June, when 2018 Asian Games Organising Committee President Erick Thohir said the country would be the most viable Asian candidate.

At the time, he told CNN Indonesia that "only African and Asian countries" would be rivals for any bid, but at that point Thohir suggested no cities in any of Japan, South Korea or China would be interested.

"Asia does not have China, Japan or South Korea, only India," he was quoted as saying.

The Indian Olympic Association has already confirmed its interest in bidding, but despite Thohir's suggestions, the Chinese city of Shanghai also expressed an interest earlier this week. 

According to the Asia Times, Shanghai's deputy director general of sports, Luo Wenhua, told reporters on Wednesday (August 29) that hosting the Olympics would be "the highest ideal".

Australia are also reportedly mulling over a potential bid.

Neither Indonesia nor India have hosted an Olympic Games before, while China's capital Beijing hosted the Summer Games in 2008 and will host the Winter edition in 2022.

Australia last hosted the Games in Sydney in 2000.