Aberdeen City Council could launch a bid to bring the world-famous Tall Ships back to the Granite City.
Around half-a-million people flocked to the city when the vessels last visited in 1997, boosting the local economy by £13 million.
And now council chiefs hope a similar amount could be brought in were the ships to stop off in the North-east after also visiting in 1991.
Next week, members of the finance committee will debate their events strategy for the next three years.
The local authority could plough as much as £5m into projects to boost the “cultural offering”.
Alongside favourites such as the Spectra Festival of Light, Aberdeen Jazz Festival, and the Highland Games, a whole list of new events have been put forward, including the Great Aberdeen Run, which will be held for the first time in August, and the North Sea Tall Ship regatta.
Finance convener Willie Young said he wanted the Granite City to become a “focal point” in Scotland for culture.
He said: “It is so important that Aberdeen continues to invest in itself, that is why this administration asked officers to bring forward a report into developing and enhancing our events strategy.
“Aberdeen has many festivals which we are extremely proud of, such as the award-winning Spectra, Aberdeen International Youth Festival and the jazz festival to name a few.
“There are, however, opportunities out there to build upon these successes. That is why it is important that we look again to get the tall ships back to Aberdeen.
“I want to continue investing in Aberdeen and that is why we should look at an expansive programme of events over the next five years.”
SNP finance spokesman Graham Dickson questioned potentially spending taxpayers’ cash at a time of austerity. He said: “In a time of extreme austerity, when some of my constituents are struggling to feed themselves and using foodbanks, it’s hard to justify spending this money on a yacht race.
“It’s baffling to think the administration would propose such an ostentatious display of wealth when the city is struggling.”