France is to use the annual Olympic Day to proclaim its bid, while Budapest's city council will vote to become the fifth competitor.
The US city of Boston, Rome and Germany's Hamburg are already lobbying for International Olympic Committee votes.
The campaign will be long however and other cities could still enter.
The Azerbaijan capital, Baku, which is hosting the first European Games, could soon make a pitch, Olympic officials said. The Qatar capital Doha is also considering a move.
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Paris and Boston are considered frontrunners. The United States has not staged a summer Olympics since 1996 while 2024 would be the centenary of the last time the Games were in the French capital.
But Olympic officials say that new bid rules intended to make it cheaper and less onerous to host 10,000 athletes for two weeks should help outsiders.
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Paris will roll out an Olympic declaration with more political and state pomp on July 14 when a national parade is held along the Champs-Elysees.
The proposal includes holding one sport under the Eiffel Tower as well as at the Stade de France used for the 1998 World Cup final.
Tony Estanguet, France's photogenic triple Olympic canoe champion will be one of the bid leaders.
On the financial side, French organisers say the cost will be about six billion euros ($6.8 billion) and they will get a big chunk of that from the IOC.