Updated 2.54pm: IOC president Thomas Bach can't see why the greatest sporting spectacle couldn't be staged in New Zealand.

Addressing sporting organisations and media in Auckland today, Bach says it should be a case of how can smaller countries host the Olympics rather than why they can't.

He says the IOC will implement a far more flexible framework for hosting.

Bach says they're opening doors for others outside of the traditional host countries.

"It would be very well appreciated if New Zealand would look into hosting the Olympic games one day."

Bach says it's time for countries to think of why they can host the Games, rather than why they can't.

"The IOC has changed and this allows countries like New Zealand to change its thinking and say lets have a look."

But New Zealand Olympic Committee president Mike Stanley has dampened down the talks, saying it would have to have a positive financial affect for it to go ahead.

"Any way you size it its in the billions, if not the tens of billions. They are a major undertaking and the operational costs of them alone are very significant."

The Prime Minister is of the view New Zealand wouldn't ever be the sole host of an Olympic Games.

John Key says while co-hosting with Australia might be a possibility way off in the future, solo hosting is out of our reach.

"You can look at countries that have done that, huge costs. China went to the cost of $40 billion. Others have obviously been much cheaper, but I just think in New Zealand on our own it would be a really big ask."