Los Angeles, CA (My Sportsbook) - The city of Los Angeles will reportedly announce on Wednesday its intentions of hosting the 2016 Summer Olympics.

According to the Los Angeles Times, the city will make an official announcement of its plans during an afternoon news conference.

The paper also stated that no other American city has formally proclaimed its desire to become the U.S. Olympic Committee's nominee, although Chicago, San Francisco and Washington are all thought to be interested as well.

The USOC will not decide its bid city until 2007 while the International Olympic Committee will make its official selection in 2009.

An American city has not held the Summer Games since 1996, when Atlanta, GA hosted the festivities, and it is believed that the long gap could help Los Angeles' chances of securing the 2016 Olympics.

In addition, Los Angeles has held the Summer Games twice before in 1932 and 1984 and is the only U.S. city to host a Summer Olympiad more than once.

It will be difficult for LA to receive its third bid, but one thing in the city's advantage is the fact that London was recently awarded the Summer Games for a third time (1908, 1948, 2012).

Los Angeles, though, is certainly an attractive city because of its Olympic tradition, weather and multitude of existing facilities.

LA's past Olympic financial success also might help push the city over the top. The 1984 Summer Games, which were privately financed under the guidance of businessman Peter Ueberroth, reportedly produced a profit of over $230 million.