Portsmouth is to put forward a bid to host a stage of the 2018 Tour De France.
Leader of the city council Donna Jones is reportedly working on a joint bid alongside Brittany Ferries and Portsmouth's twin city of Caen, France.
Speaking to Portsmouth's The News, Jones said: "It would bring millions to Portsmouth and project images of Portsmouth around the world.
"It will reinforce confidence that Portsmouth is a changing place that’s aiming really high and has high aspirations for itself.
"What we need to be doing is sending a message to local businesses and any business thinking of relocating that Portsmouth is the place to be."
Pointing to the ongoing economic benefits reaped by Yorkshire as part of its Grand Depart in 2014, Councillor Jones says that she too expects Portsmouth to benefit to the tune of £100 million.
Portsmouth is also set to host the America's Cup world series for the next two summers.
Brittany Ferries group commercial director says talks thus far have been extremely positive.
He told The News: "We’ve enjoyed positive early discussions with Portsmouth City Council regarding working together and the feasibility of bringing the Tour de France to Portsmouth.
"We are looking forward to taking these discussions further and assessing the viability of this project.
"Brittany Ferries has a long association of working with this iconic race; when it last came to Portsmouth in 1994 we had the honour of being the official sea carrier.
"We think it’s high time that the race returned to Portsmouth and look forward to playing our part."