Hungary is reportedly withdrawing its bid to host the summer Olympics in 2024.

Government spokesperson Zoltan Kovacs is quoted by Reuters as saying that the central European nation is pulling out of the running to stage the tournament.

Kovacs is said to have broken the news in the wake of a meeting with Hungarian prime minister Viktor Orban, Budapest mayor Istvan Tarlos and the Hungarian Olympic committee.

There were reports that Hungary could scrap its Olympic bid when a petition for a referendum on the campaign reached a quarter of a million signatures.

Budapest was considered a long shot to land the competition, with Los Angeles and Paris also in the running for 2024.

Figures in the Hungarian government are said to have been opposed to the bid on the grounds that it was doomed to failure in the face of such steep competition.