South Korea hosted the 2018 Winter Olympics in Pyeongchang, and the two nations marched under one flag at the opening ceremony.
The countries have had a tenuous relationship over the past 70 years, but there have been diplomatic breakthroughs recently.
North Korea leader Kim Jong Un and South Korea President Moon Jae-in are taking part in a summit that began Tuesday, per Joshua Berlinger, Sophie Jeong and Yoonjung Seo of CNN.
The possibility of a joint bid was raised last week, according to Yonhap News Agency.
"It's a proposal of hosting the events in Seoul and Pyongyang," South Korea sports minister Do Jong-hwan said.
"The Pyeongchang Winter Olympics showed the Olympic values very well," Do added. "I hope peace in Northeast Asia can continue through sports."
Though joint bids for the Olympics aren't common, Italy had planned to make a three-city bid until it fell through.
The International Olympic Committee has provided Asian countries more hosting opportunities as of late, with the 2020 Summer Olympics set for Tokyo and Beijing hosting the 2022 Winter Olympics.
A successful Korean bid would up the tally to four sets of Games on the continent in 14 years.