The economic development committee has tossed aside the idea of bidding for the 2024 Olympics.
Councillors on the committee voted unanimously to defer the possibility indefinitely.
But what is still on the table is whether the city should bid for the 2025 Expo. The committee voted to send the staff report on to council for a decision on whether to explore a bid any further.
Speaking with reporters Monday afternoon, mayor Rob Ford said he is against either bid.
"We're not ready for it," mayor Ford says. "Let's concentrate on the PanAm Games, see how we do there. And that hasn't run smoothly at all, as you know."
Ford says the city needs to concentrate on building infrastructure like subways and dealing with the costs of the ice storm cleanup.
Staff estimate that preparing and submitting a formal bid for the 2024 Olympics would have cost $50- to $60-million and hosting the event would have cost $3.3- to $6.9-billion. Submitting a bid for the Expo would cost $10- to $15-million, while hosting the event would cost $1- to $3-billion.
WATCH: What the mayor had to say about bidding for the Olympics or the Expo: