Keighley is among contenders across the country vying for the title, in 2028.
The Government is currently inviting expressions of interest, and a shortlist is expected to be announced this spring.
Each shortlisted town will receive £60,000 to help deliver a full bid.
Then three finalists – a small, medium and large town – will be chosen, with the overall winner earning the coveted title plus a £3 million prize.
Keighley’s bid is being spearheaded by the town council, in partnership with a range of organisations including Bradford Council, Keighley College, Keighley Creative, the National Trust and Keighley Community Together.
Town mayor, Councillor Chris Herd, says: “Keighley has always been a town with an extraordinary story to tell.
“Our culture isn’t just found in galleries or on stages – it is alive in our streets, green spaces, history and the incredible people who call Keighley home.
“This bid is our opportunity to show the world the strength, creativity and pride of our community. I’m delighted to see so many partners coming together, and I encourage everyone to share their stories and get involved. Let’s show what Keighley can do.”