"Other major cities took this same step out of concern that hosting the Games would not be sustainable, or really benefit their communities after all," she added, citing Madrid, Hamburg, and Boston as examples.

Finally, corruption risk was another major concern behind the decision. A huge government corruption scandal dubbed "Mafia Capitale" in the Italian capital which came to light in December 2014, has since swamped a number of public officers, officials, and entrepreneurs.

Raggi, along with other M5S representatives, expressed doubt Rome could face all the construction works and projects required to host the Olympics without fuelling further corruption.

The International Olympic Committee (IOC) will announce which city will host the 2024 Olympics in September 2017. After Rome's withdrawal, only Paris, Budapest, and Los Angeles have remained in the running.

Prime Minister Mario Monti's government in 2012 had already scrapped Rome's candidacy for the 2020 Games due to financial worries.

Rome's city council is to officially vote on the decision announced by Raggi next week, according to local media.

Giovanni Malago, the president of the Italian Olympic Committee (CONI), had already announced the bid would not proceed without the support of the mayor.