South Korea's football governing body on Tuesday held a meeting to discuss its bid plans for the top continental football tournament in 2023.

The Korea Football Association President Chung Mong-gyu chaired the senior delegation meeting at its headquarters in Seoul with 37 members to talk about various issues, including South Korea's bid for the 2023 Asian Football Confederation Asian Cup. South Korea last hosted the quadrennial competition in 1960.

The AFC last month announced that South Korea, China and Thailand are all in contention to stage its men's tournament in 2023, but Thailand recently withdrew its bid, making it a two-horse race.

Starting with the 2019 edition in the United Arab Emirates, the Asian Cup will have 24 nations, up eight teams from the 2015 Asian Cup in Australia.

Chung, who previously revealed his idea of co-hosting the 2030 FIFA World Cup with China, Japan and North Korea, said South Korea has the potential to host the 2023 Asian Cup successfully. The country recently staged the FIFA U-20 World Cup on home soil.

"Since we're competing against China, we have a 50-50 chance of winning the bid," Chung said during a meeting. "China is promoting its ability to secure big sponsorships, but we can make up a compact event with the experience of hosting the U-20 World Cup. We can make the event successful."

The AFC Congress in May 2018 will decide on the host country following a vote from 46 members. (Yonhap)