Agreement marks latest step in warming ties between the neighbours.
The Democratic People's Republic of Korea and the Republic of Korea have agreed to submit a joint candidature to host the 2032 Olympic Games.
It comes after a meeting between the North Korean leader Kim Jong Un and South Korean president Moon Jae-in in the North's capital Pyongyang.
The announcement is the latest sign of warming relations between the Koreas, after the North participated at PyeongChang 2018 in the South.
The Indian Olympic Association has declared it will submit a candidature for the 2032 Games as well, while Indonesia's President Joko Widodo also said his country will bid to host the 2032 Olympics following the success of the Asian Games.
The idea of pursuing a joint candidature for the 2032 Games was proposed last week by the South Korea's sports minister Do Jong-hwan.
North and South Korea marched together in the Opening Ceremony at PyeongChang 2018, and competed as a unified 'Korea' team in women's ice hockey.
They again marched as a single delegation at the recently-concluded Asian Games, where a unified Korean dragon boat team won an historic gold medal.
A statement issued jointly by the two countries said they would continue to "participate jointly" at international competitions, including the upcoming Tokyo 2020 Olympic Games.
Speaking to reporters last week, Minister Do suggested Seoul and Pyongyang could co-host the Games.
But there were no details given in today's announcement about which cities might be put forward.
Australia, China and Germany have also expressed their interest in holding the 2032 Games.
The selection for the 2032 host will be held in 2025.