Last week, Singapore joined Malaysia in ruling out a bid, after the Australian state of Victoria withdrew as host in July because of rising costs.
Commonwealth Games Scotland (CGS) say their proposal would involve "no significant ask of public funds".
It would include a core programme of 10 to 13 sports - down from 20 at Birmingham 2022.
The last resort plan would "utilise existing venues and accommodation options" in Glasgow, where the Games were held in 2014.
This week the Commonwealth Games Federation (CGF) said it was "considering multiple proposals" amid continued uncertainty over the event's long-term future.
"Our priority is to ensure a Games takes place in 2026 and we are encouraged by the news that the CGF are in advanced discussions with other nations," said CGS.
"However, if an alternative solution cannot be secured within the coming weeks, we are ready to explore our concept with the CGF and key partners in greater detail, with the aim of delivering a world class-sporting event in Scotland using a model that could be replicated across the Commonwealth for future editions. "A feasibility study was commissioned in December 2023 to assess Scotland's viability as a cost-effective alternative host, following the CGF's decision to make available £100m to host nations for a 2026 Games as part of the Victoria settlement agreement.
"We are satisfied that the concept developed could see a refreshed format for the Games, that would see it be delivered on time and on budget, providing significant benefit to the Scottish economy and a potential blueprint for a sustainable Games model of the future."
CGS add that additional funding for the estimated £130-150m budget would come from commercial income, including ticketing, sponsorship and broadcasting.
A final decision from the CGF is expected by the end of May.
