The FAI has decided to end its effort to host the 2030 World Cup alongside Northern Ireland, England, Wales and Scotland.
Instead, the five football associations will combine in an attempt to win the right to host the European Championships in 2028.
It was reported earlier this year that plans to try and host the World Cup would be dropped, in favour of a bid for the Euros.
The FAI says the decision was reached following a feasibility study which considered a number of factors.
Among the reasons for the decision was a lower delivery cost, as well as the potential of benefits arriving sooner.
The FAI will liaise with other stakeholders as plans to host the 2028 tournament are advanced.
"Following an extensive feasibility study, which assessed the potential opportunities in international football, the football associations of the Republic of Ireland, England, Northern Ireland, Scotland and Wales have agreed to focus on a bid to host UEFA EURO 2028, the third largest sports event in the world."The feasibility study included an analysis of the economic impact, the political football landscape and likely costs of hosting major international tournaments. On balance, the five associations have decided to focus solely on an official bid to host UEFA EURO 2028, and have agreed not to bid for the 2030 FIFA World Cup. "Hosting a UEFA EURO offers a similar return on investment, with the European tournament carrying a far lower delivery cost and the potential of the benefits being realised sooner. "It would be an honour and a privilege to collectively host UEFA EURO 2028 and to welcome all of Europe. It would also be a wonderful opportunity to demonstrate the true impact of hosting a world-class football tournament by driving positive change and leaving a lasting legacy across our communities. "We believe the Republic of Ireland and the UK can offer UEFA and European football something special in 2028 – a compact and unique five-way hosting collaboration that will provide a great experience for the teams and the fans. "We continue to collaborate with our Government Partners of Ireland and the UK about the next steps."