The decision comes following an extensive feasibility study with the nations focusing on bidding for the 2028 edition rather than the 2030 World Cup.
Scotland were one of the joint hosts of Euro 2020 with Hampden Park used for four games, two of which featured Steve Clarke's men.
The hosting duties went positively despite limited crowd numbers.
Euro 2028 could expand from 24 teams to 32 after the 2024 competition which is being held in Germany.
It was reported last year that Uefa are exploring adding more countries having deemed the last two tournaments which jumped to 24 from 16. It would mean that the majority of the continent's 55 teams would qualify.
A statement from the five nations said: “The feasibility study included an analysis of the economic impact, the political football landscape and likely costs of hosting major international tournaments. On balance, the five associations have decided to focus solely on an official bid to host UEFA EURO 2028, and have agreed not to bid for the 2030 FIFA World Cup. Hosting a UEFA EURO offers a similar return on investment, with the European tournament carrying a far lower delivery cost and the potential of the benefits being realised sooner.
“It would be an honour and a privilege to collectively host UEFA EURO 2028 and to welcome all of Europe. It would also be a wonderful opportunity to demonstrate the true impact of hosting a world-class football tournament by driving positive change and leaving a lasting legacy across our communities.
“We believe the UK and the Republic of Ireland can offer UEFA and European football something special in 2028 – a compact and unique five-way hosting collaboration that will provide a great experience for the teams and the fans.”
England have twice hosted tournaments on their own before. The World Cup in 1966 and Euro 96.
Dublin were meant to be one of the host cities for Euro 2020 but was dropped after the tournament was rescheduled to 2021 and there were no guarantees given over fan attendance.