LOS ANGELES, Aug. 10 -- Los Angeles Mayor Eric Garcetti and businessman Casey Wasserman formed a non-profit organization LA24 and are trying to pitch Los Angeles to the U.S. Olympic Committee as America's bid city for hosting the 2024 Summer Games.

Garcetti and Wasserman officially began talks earlier this month with USOC officials in a bid to replace Boston as the United States' host city candidate, local media reported Monday.

Boston was dropped as the host city candidate last month after the city's mayor refused to sign a hosting document, citing concerns that the Olympics would be too costly and financially risky for taxpayers.

The USOC has until Sept. 15 to submit its proposed host city to the International Olympic Committee, which makes the ultimate decision on where the 2024 Olympics will be held.

Garcetti's senior adviser Jeff Millman was quoted as saying by local media that Garcetti sees Los Angeles as the most financially prudent option for hosting the Olympics, since the city "have almost everything built," such as the Coliseum, Staples Center, Stub Hub Center, the Forum.

Garcetti also said that it is a way to re-energize the Los Angeles city.

LA24 officials estimated in December that it will cost 4.1 billion dollars to host the Olympics in Los Angeles. The budget also calls for a 400 million dollars contingency to cover any cost overruns or shortfalls, which brings the budget up to 4.5 billion dollars, he said.

If Los Angeles is chosen as America's bidder, it could be up against potential foreign bidders such as Rome, Nairobi, Casablanca, Johannesburg, Durban, Doha, Melbourne, Paris, Hamburg and St. Petersburg.

The United States did not make a bid to host the 2020 Summer Olympics, which were awarded to Tokyo in 2013. Los Angeles sought to be the U.S. candidate to host the 2016 Games but was beaten by Chicago, whose bid was ultimately rejected by the International Olympic Committee in favor of Rio de Janeiro.

Los Angeles is looking to join London as the only cities to host the Summer Olympics three times. Los Angeles was the site of the 1932 and 1984 Games.

The Summer Olympics were last held in the United States in 1996, when Atlanta was the site.