Ireland and the UK have dropped their bid to host World Cup 2030.
The Republic of Ireland, England, Northern Ireland, Scotland and Wales will instead focus on a joint bid for Euro 2028.
The countries last year announced plans for a joint World Cup bid.
However, the FAI today said those plans have now been scrapped following a feasibility study on "the economic impact, the political football landscape and likely costs of hosting major international tournaments".
The FAI said: "Hosting a UEFA EURO offers a similar return on investment, with the European tournament carrying a far lower delivery cost and the potential of the benefits being realised sooner.
"It would be an honour and a privilege to collectively host UEFA EURO 2028 and to welcome all of Europe."
The Irish Government had previously indicated that a joint Ireland-UK bid for World Cup 2030 could be officially made as soon as this year.
However, they said feasibility studies were still ongoing, along with "extensive engagement and collaboration" with the UK over the idea.
At the time, Micheál Martin said governments had been pushing to make Ireland a "location for major events".
Today's announcement comes after Ireland was unable to host matches as part of last year's multi-city Euro 2020 tournament.
While Ireland was due to host four matches, UEFA moved those games to Saint Petersburg and London as Ireland couldn't commit to having spectators in attendance due to COVID restrictions at the time.