If accepted, it would confirm a return of the PIF Leaders Meeting to Micronesia for the first time in eight years, and a healing of rifts which have marred the organisation in previous years.
Pacific leaders, including Australia's Anthony Albanese, are in Nuku'alofa this week for the annual PIF summit.
As host, Tonga Prime Minister Hu'akavameiliku Siaosi Sovaleni will assume the chair position from this meeting for the next year.
In 2025, Solomon Islands Prime Minister Jeremiah Manele will take the regional leadership position, as well as hosting leaders in Honiara.
Beyond Mr Manele's tenure, there was a question on who might take on the role.
The leadership role was scheduled to return to Micronesia, which has not hosted the leaders' meeting since Nauru in 2018.
In 2021, the five Micronesian members announced their intention to leave PIF after a regional representative was looked over as secretary-general.
Then-chair Sitiveni Rabuka, assisted by a mighty diplomatic effort from Australian Foreign Minister Penny Wong, patched the body back up with the Suva Agreement.
That agreement has allowed Micronesia to pick the next PIF secretary-general - with Nauru President Baron Waqa taking the job, and host the next available meeting.
On Wednesday, Mr Whipps said Palau would seek the bid.
"We have asked to host. We've asked our brothers from the Micronesian states that Palau have the opportunity to host," he said.
The decision is likely to be taken at the secretive leaders retreat on Thursday, and confirmed in the meeting's communique.
Should Micronesia endorse Palau's candidacy, it is highly unlikely PIF leaders would refuse it, given it risks reopening past rifts.
To become chair himself, Mr Whipps will need to win re-election in a two-horse race for president in November.
He is running against the former president, and his brother-in-law Tommy Remengesau Jr - a rematch of the 2016 contest, won by Mr Remengesau.
"Of course, he is my brother-in-law, but we are both candidates of the Palauan people," Mr Whipps said in July.
"I ran in 2016 because the Palauan people asked me to run and I'm sure that's why he's running now."
Palau is an archipelago of about 300 islands and atolls, with around 18,000 people.
It is one of three countries which recognises Taiwan, rather than China, in the Pacific - a position which is unlikely to change irrespective of the outcome of the presidential poll.
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