Taylor, in Switzerland for a UEFA summit, revealed that a final decision on a bid - either with or without the other Celtic nations - will be made after an exhaustive feasibility study.

'It has to be a very public campaign and that involves a lot of expenditure,' admitted Taylor.

'We will not commit ourselves to that unless we believe there is a realistic chance of success.

'We would like to make a bid on our own but, if that does not prove to be the best option, we will have to consider whether we should go in alongside someone else.

'The nature of the bidding process means you want to make a declaration as early as possible, but we will not announce anything until we know all the facts.'

Austria, Croatia and Hungary already have indicated they will make a joint bid for the tournament, while Russia also have expressed early interest.

And Taylor acknowledges that the capacity of two Scots stadia - possibly Pittodrie and Dens Park - would have to be increased to meet UEFA criteria of six stadiums with a minimum capacity of 30,000.

The SFA has already consulted the organisers of the last two European Championships for advice, including England's Euro 96 co-ordinator Glen Kirton.

Taylor added: 'There is a closer relationship between ourselves and the FA than maybe we have had in the past and we would obviously be liaising with them if we do launch a bid.

'In terms of co-hosting, Belgium and Holland staged a very successful Euro 2000 and that may have helped us.