World Athletics says the event will serve as a make-or-break opportuniy for national teams.

The five Olympic relay disciplines will be contested at the event, including the 4x100 metres and 4x400m for men and women.

The mixed team 4x400m will also offer qualification for Paris 2024.

"This event showcases the thrills and sometimes spills unique to relays," World Athletics said.

"It evokes drama, suspense and celebration.

"The knock-out format will add to this excitement, calling for truly inspired team performances as the anticipation and expectations build towards the Paris Olympic Games."

A bid guide has been published by World Athletics to aid potential candidates.

The organisation says the indicative event budget for the event is expected to be between $3.5 million (£2.6 million/€3.1 million) and $4 million (£3 million/€3.6 million).

The budget is expected to vary according to local costs and conditions, with World Athletics saying it will host virtual meetings with bidding committees to discuss the proposed cost.

The preferred date for the World Athletics Relays is either April or May.

Hosts will be expected to have a main venue with a minimum capacity for around 15,000 spectators, as well as providing a warm-up track and facilities within easy walking distance.

The bid guide also outlines the expected economic, social, reputational and environmental impact of the event.

Prospective candidates have been invited to complete a pre-qualification form by the deadline of June 1.

Bid application documents will be required by October 1, with the host expected to be named in December.

Five editions of the World Athletics Relays have been held to date, with Nassau in Bahamas hosting the first three events.

Yokohama in Japan and Chrozow in Poland hosted the event in 2019 and 2021.

Guangzhou in China is expected to host the World Athletics Relays in 2023, with the event serving as the qualification event for the World Athletics Championships in Budapest.

The bid guide can be accessed here.