Now that the Pan Am and Parapan Am Games are drawing to a close, it's time for Toronto to set its sights on even loftier goals, like the 2024 Olympics. But, the city can't dither for too long - a decision will need to be made by the International Olympic Committee's September 15 bid deadline.

We already know that the Canadian Olympic Committee wants Toronto in the ring. And according to a recent Canadian Press report, Mayor John Tory met with the COC head yesterday to learn more about the bidding process and to discuss why the city was unsuccessful in its previous attempts to secure the summer games back in 1996 and 2008.

As the Canadian Press notes, the COC thinks Toronto is ready for the Olympics after it proved itself as a successful Pan Am Games host city. But do we have what it takes to be chosen over the likes of Paris, Budapest, Hamburg, Rome and Los Angeles?

Do you think Toronto will bid to host the 2024 Olympics? Let us know in the comments.

Photo by Leo Li in the blogTO Flickr pool.