The deadline for submitting bid files closed on 21 October, and Spain and France appear to be the frontrunners to host the tournament, according to the newspaper "Marca". The Spanish Football Federation submitted a strong bid featuring two stadiums, the Santiago Bernabéu in Madrid and the José Zorrilla in Valladolid, while the French Federation is competing with the stadiums in Lyon and Saint-Étienne to host the matches.
Nothing will be settled before the quarter-final draw on 20 November. Those fixtures will determine the path towards qualification to the golden square, and they'll also reveal the two teams from which the host country of the final stage is chosen.
UEFA would rather stage the final in the country of one of the four semi-finalists. A bigger crowd and an electric atmosphere mean more popular and media momentum for the tournament.
There is a backup plan, though. The golden square matches could be played on neutral ground, should none of the semi-finalists be able to host.
Spain and France hold an advantage in the hosting race, and not only because they submitted official bid files. Both rank among the leading candidates to reach the golden square.
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Portugal hosted the first edition of the final stage in 2019, Italy followed in 2021, then the Netherlands in 2023 and Germany in 2025. England also looks a potential candidate, despite its commitment to hosting Euro 2028.
For Spain, this is about far more than staging a major football event. It carries strategic weight tied to their preparations for the 2030 World Cup, which they'll co-host with Portugal and Morocco.
Hosting the golden square of the UEFA Nations League offers Spain a crucial dry run for the World Cup. It could also strengthen the Santiago Bernabéu's chances of staging the 2030 World Cup final, proving the stadium can handle major events that demand organisational and crowd preparation of the highest level.
Between the Santiago Bernabéu and José Zorrilla on one side, and Lyon and Saint-Étienne on the other, the battle rages behind the scenes. Everyone awaits the quarter-final draw, scheduled for Thursday in the Swiss city of Nyon, which will shape the path towards the golden square and give the hosting race a clearer direction.
Portugal go in as holders. They were crowned champions for the second time in their history in 2025, beating Spain on penalties in the final after normal and extra time ended 2-2.
Their first title came in the inaugural edition of 2019. France claimed the 2021 crown, and Spain were champions in 2023.