Tahoe was the host site in 1960 and lost out on bids for the upcoming 2014 and 2018 games.
The announcement came during the 16th Annual Tahoe Summit on Monday. Gov. Jerry Brown was joined by Sen. Dianne Feinstein, D-California, to discuss environmental concerns with Nevada Gov. Brian Sandoval and others.
Feinstein wants to assure locals that contributions from business interests doesn't mean compromising what's best for the lake.
"I have no problem having money go into a non-profit Tahoe fund, and I don't make judgment as to how it's used, the fund's board of directors makes that judgment and I think that adds a very important element of citizen participation," said Feinstein.
A bid for the 2022 winter games must officially be submitted by next year. The International Olympic Committee will announce its selection in 2015.