After the Knicks and World Cup, New York is ready for another challenge: the Olympics

“The time is now to return the Olympic flame back to New York,” Gov. Kathy Hochul said.

The state of New York is forming an exploratory committee to consider whether Lake Placid and New York City should bid to co-host a future Winter Olympics.

The announcement Monday from Gov. Kathy Hochul’s office suggested a dual-hosting format, the likes of which Milan and Cortina pulled off at this year’s Olympics.

It does not mention a year, though with the 2034 Games going to Salt Lake City and with Switzerland tabbed as the preferred bidder for 2038, the first likely available spot for New York to host would be 2042.

“The time is now to return the Olympic flame back to New York,” Hochul said.

Lake Placid hosted the Winter Olympics in 1932 and 1980 — the year of the “Miracle on Ice” when the underdog U.S beat the Soviet Union in men’s hockey on home ice. It also spent time in the mix as an emergency backup for this year’s sliding sports when the venue in Cortina was riddled with construction delays.

The exploratory committee will take about a year to complete its work. The formation of the committee does not mean New York is officially involved in a bid process. The chair of the committee will be Ashley Walden, president and CEO of the Olympic Regional Development Authority.

Also among those on the committee is Assemblyman Robert Carroll, who was in Italy for the Games in February and often has said how the Milan Cortina model is one that could work in New York.

Lake Placid is among the few former hosts expected to have reliable enough weather to be able to host the Games by 2050, according to a recent climate change study.

The 2030 Olympics will be held in the French Alps.

This story was originally featured on Fortune.com