Glanford Park has hosted England internationals upto U-21 level, with the deciding match of the U-16 Victory Shield hosted at the stadium.
"We have spoken with Sport England and the 2012 bid team to see what our role could be," Simon Seal, a spokesman for the council's leisure department, told the Scunthorpe Telegraph.
"There is a range of potential sports - and not just for the Olympics but for the Paralympics too."
The town's new sports academy, to be built at Central Park, is due to be opened in 2009.
It will boast an Olympic-sized swimming pool as well as suitable facilities for badminton, basketball, fencing and judo.
Quibell Park's velodrome would also be suitable for training of cycling competitors.