The initiative came from the association Variações - Association of Commerce and Tourism LGBTI which, with the support of the Portuguese government and the association ILGA Portugal, wants to bring Europride to the country in 2022.
The executive director of Variações told Lusa News Agency that the country is to hand in its letter of intent for the application on Friday at a meeting of directors of Europride in Lisbon.
Diogo Vieira da Silva said the next step would be to hand in the final document and budget in July. The winning candidate is to be revealed in Bilbao, Spain, in September.
The event could mobilise between 50,000 to 1 million people, according to the organisers.
The budget would amount to between €500,000 to €1.5 million, Vieira da Silva said, with 75% of the amount coming from private sponsors and the remaining 25% from public funds.