"At the moment we are waiting to have the documentation (from the International Rugby Board) with which to make our bid official," Dondi revealed in a statement.

"Successively we will be able to get to work on presenting the best project possible to the IRB in order to bring to Italy the world's third most important sporting event after the football World Cup and the Olympics."

The IRB decided earlier this month that the hosts for both the 2015 and 2019 World Cups would be decided in July next year with bids invited for both tournament - and at the same time they placed a £120m asking price on each event that any host must meet.

"It's an important decision, a new cornerstone in the development of Italian rugby which the whole movement should be proud of, regardless of what the IRB decides," added Dondi.

England and Wales are reportedly considering a joint bid for the 2015 tournament with South Africa and Japan also likely to express an interest in that year's competition.

The Australian Rugby Union is considering bidding for the 2019 World Cup despite what they see as a massive asking price.

Rugby World Cup 2011 will be held in New Zealand and is not likely to generate the level of profits seen at RWC'03 in Australia and RWC'07 in France.

As a result is it thought the IRB will opt for a rugby and commercial stronghold to host the 2015 event with an emerging nation the favourite to get the nod four years later.