Undeterred by their failure to win the 2014 Asian Games bid, the Indian Olympic Association announced on Saturday that New Delhi will bid for the rights to host the 2020 Olympic Games.

IOA President Suresh Kalmadi said India withdrew its proposal to bid for the 2016 Olympic Games following its failed 2014 Asian Games bid last week but would be in race for the 2020 edition.

"New Delhi will bid for the 2020 Olympic Games," he said during the inauguration of the Olympic Bhawan.

As the bid will open in 2011, Kalmadi said the IOA would begin its preparation for the bid immediately after the 2010 Commonwealth Games were over.

"We will start our preparations as soon as the 2010 Commonwealth Games are over," he said and added that there was no knowledge about who could be their probable competitors.

Kalmadi also said that India had little chance to get the bid for staging the 2016 as Brazilian city of Rio de Janeiro was a favourite to win it. "Brazil are the favorites to win the 2016 Olympics," he said.