The games are scheduled to take place in South Korea in the month of February.

The decision was reached following a high level meeting, involving Ri Son-gwon, North Korea's chief delegate and Cho Myoung-gyon, South Korea's Unification Minister.

The meeting took place it the Panmunjom peace village, a demilitarized zone located at the border.

"I came here with hopes that the two Koreas hold talks with a sincere and faithful attitude to give precious results to the Korean people who harbor high expectations for this meeting, as the first new year present," Ri Son-gwon, said at the start of the talks as quoted by Yonhap.

Following the meeting, South Korea's Vice Unification Minster Chun Hae-Sung told reporters: "The North side proposed dispatching a high-level delegation, National Olympic Committee delegation, athletes, supporters, art performers, observers, a taekwondo demonstration team and journalists to the games."

According to Chun, Seoul has proposed a family unification programme and bilateral military talks between the two nations.

The last North and South dialogue took place in 2015, following which, relationship between the two nations had soured.