Reuters reported on Wednesday that Hungary pulled the bid, leaving L.A. and Paris as the final two cities contending to host the Games. The International Olympic Committee is set to select a host on Sept. 13 in Lima, Peru.
Budapest faced the prospect of a referendum after a group called Momentum gathered enough signatures to force one.
Rome pulled out of the bidding for the Games in October. Hamburg withdrew its bid in late 2015 after residents of the German city voted against it.
Los Angeles was tapped to replace Boston in August 2015 after the U.S. Olympic Committee’s bid city faced vocal opposition and a lack of political support.