“I think we can safely say that the history of the Olympics, in a variety of cities around the world, has been a mixed bag," said de Blasio Wednesday morning, in what appeared to be a reference to the massive increase in public debt that staging the Games typically entails. “So that's something we'd look at very carefully. There may be a scenario where it makes sense, but I would say the bar is high. We'll certainly work closely with the governor's office to determine if this is a situation we think would work for New York."

According to the report, the plan focuses on 167 acres of rail yard in Queens, where a convention center would be built and thousands of housing units. But the mayor may not be too keen on the idea because of the investment involved to fund it.

A spokesman for the mayor is quoted saying "an Olympic bid is not something the administration is considering" despite Cuomo's remarks that there have been discussions about it. Representatives of NYC & Company, the city's tourism arm—who were part of the summit—told Crain's they were unaware of the plan or any discussions about the effort.