The world's second biggest cycling race behind the Tour de France is expected to be staged in both cities in 2014 - starting in Belfast.
The local bid is being backed by the Northern Ireland Tourist Board and Belfast City Council.
The race lasts for three weeks and is also tipped to travel through Dublin, in the first time the Giro d'Italia comes to Irish shores.
Ireland has previously hosted a stage of the Tour de France, and in 1987 Irish rider Stephen Roche won both the Tour de France and the Giro d'Italia.
His son Nicolas Roche could be among the starters when the race wheels its way out of the city, with the riders chasing the coveted pink leader's jersey.