Melbourne should put in a bid to host the 2028 Olympic Games, according to the Committee for Melbourne.

The committee represents a group of academic, business and community leaders and offers policy advice to Government.

Its chief executive, Kate Roffey, said she planned to discuss the idea at the Sport in Victoria conference currently being held in the city.

"Melbourne has collectively the best array of sport facilities close to the CBD of any city in the world, so we're perfectly positioned to hold an Olympics Games," Ms Roffey said.

"We've got intellect to know how to run these sorts of major international events.

"When you've got those two things together, the branding and the value you can generate out of these events in terms of exposure and having people coming here is enormous."

Melbourne last hosted the Games in 1956, in an event that was widely considered as a coming of age for Australian sport as it was the first time the Games had been held in the southern hemisphere.

Premier Denis Napthine said he would support a bid for the Games, but the proposal is still in its infancy.

He believed Melbourne was ideally positioned to host major sporting events.

"The normal process is the city bids, with backing from state and federal government," Dr Napthine said.

"This matter will be considered, but I believe Melbourne and Victoria is well placed to put their hand up for a future Olympic Games down the track."

Opposition major events spokesman John Eren said Labor was open to the idea if it won Government this year.

"We used to be the sporting capital of the world, but we're second now to the UK, so we've lost our title and we need to get that back," Mr Eren told 774 ABC Melbourne.

"We have a lot of sporting infrastructure that already exists, there might be some fine tuning that needs to be made.

"Of course any major events like that we need to have a look at our infrastructure needs, but these sorts of ideas need to be floated and we're open to any suggestions and we'd be looking very carefully going forward in relation to announcing some policies."

Melbourne Olympic bid like 'binge drinking': Shane Maloney

Melbourne put in a bid to host the 1996 Olympics, but was unsuccessful, losing to Atlanta.

Shane Maloney, who was the cultural director for the unsuccessful bid, likened the idea of Melbourne bidding for the Olympics again to "binge drinking".

"Everyone gets really excited and the gifts start flowing and there's a reception of hot and cold running canapés and there are flags and you win the bid and of course, it's all going on your credit card," he said.

"You wake up the next day after a fabulous party and you realise you're going to be paying it off for eternity and you've got all of this infrastructure which is for all intents and purposes, just white elephants."