The 2026 event would be scaled down after years of difficulty for the competition.
It would feature between 10 and 13 sports, compared to 18 in 2014.
Last week, it emerged that the UK government offered £2.3m to help cover safety and security costs associated with the privately-funded event, but asked the Scottish government to match that figure.
Scottish Health Secretary Neil Gray previously expressed concerns about the “reputational risk and financial risk” of a bid and stressed it would not be a replica of the 2014 games.
That edition featured an opening ceremony at Celtic Park, as well as athletics at Hampden, which also hosted the closing ceremony.
But to save money only four venues would be used in 2026 – including Scotstoun Stadium and the Tollcross International Swimming Centre.
Commonwealth Games Australia last week offered to bridge any financial shortfall.
They have told both their Scottish counterparts and the Scottish government that they are prepared to invest some of the compensation they received when the Australian state of Victoria cancelled its plans.
Commonwealth Games Australia’s president Ben Houston said: “We appreciate that the model is different and that that creates perceived financial and reputational challenges, but we have every confidence in the model.”
Commonwealth Games Scotland – who are behind the Glasgow bid – have already welcomed the offer.
In a statement released last week they said the Australians’ “willingness to invest, to further alleviate concerns of perceived financial and reputational risk, shows the high regard on which our cost-effective proposal is held within the global sport and events community.”