The Koreas will officially inform the International Olympic Committee of their decision to bid at an event in Lausanne, Switzerland, on Friday.
The decision to pursue a joint bid - as well as to jointly participate in the 2020 Tokyo Summer Games - was made following a series of inter-Korean talks last year, as cross-border reconciliation gathered pace.
"If the 1988 Seoul Olympics was 'reconciliation Olympics' amid the cold war between East and West and the 2018 PyeongChang Olympics was a touchstone of peace, the 2032 Olympics will be promoted to become the last stop to establish the peace".
The last time Seoul hosted the summer Olympics, in 1988, Pyongyang boycotted the Games.
But in recent months the Koreas have turned to sports diplomacy to ease tensions.
The unified Korean women's ice hockey team was also a symbol of unity in Pyeongchang, despite losing all their games and finishing last.
However, the joint bid poses some difficulties. North Korea is subject to economic sanctions and these are unlikely to be lifted by the UN Security Council unless Pyongyang takes firmer steps toward denuclearisation.
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