Queensland Premier Annastacia Palaszczuk is excited Brisbane is in the hot seat for the 2032 Olympics but warns there’s still much to do to secure the event.

The Games are set to return to Australia in eight years time after Brisbane and Queensland were installed as preferred bidder by the International Olympic Committee following an executive committee meeting.

Brisbane, if negotiations conclude successfully and an IOC Session then extends its approval, would be the third Australian city to host the Games after Melbourne had the honour in 1956 and Sydney in 2000.

Ms Palaszczuk is excited about the prospect of hosting the event and the trickle down benefits for economic growth and tourism.

“We are definitely there in the hot seat and we’ve got a lot of work to do but there’s been a lot of work that’s gone in in the last couple of years and I think this gives everyone something to hope and aim for,” she told Nine’s Today program on Thursday.

“As part of our economic recovery it’s going to be 130,000 jobs, it’s just fantastic news.”

A Queensland government spokesperson told AAP Brisbane was an attractive option for the IOC because southeast Queensland already had sporting infrastructure in place from the 2018 Commonwealth Games.

Brisbane Lord Mayor Adrian Schrinner said the decision was a vindication for South East Queensland Mayors.

The lobby group launched the Olympic campaign six years ago partly to boost state investment in transport infrastructure.

“It’s amazing to hear the International Olympic Committee acknowledges South East Queensland has what it takes to host an Olympic and Paralympic Games,” he said.

“When we started this journey almost six years ago to the day, many people were sceptical. Now we’re one step away from being named as the host of the 2032 Olympic and Paralympic Games.

“Today is not the time however to get over-excited, there is still plenty of work to be done.”