Italian Football Federation president Giancarlo Abete said Italy would present an official declaration of interest by next week, according to UEFA's rules.
UEFA will let prospective hosts know April 1 if they can go forward with their bids, with the winner to be chosen on May 27, 2010.
While it was considered the pre-vote favorite, Italy attributed its loss to Poland and Ukraine to a desire by UEFA and new president Michel Platini to move the game into Eastern Europe.
"UEFA decided to give a chance to new countries rather than countries with a long football tradition," Abete said at an Italian federation meeting Monday. "Our candidacy was the best, but a political decision was taken."
France is also likely to bid for Euro 2016, while Scotland and Wales abandoned its plans Sunday for a joint bid due to the global economic downturn. Sweden and Norway are also said to be considering a joint bid.
UEFA has announced plans to expand the tournament to 24 teams for 2016.
Italy hosted the 1968 and 1980 Euros and has not hosted a major soccer tournament since the 1990 World Cup.
AP
