Asia's first Winter Olympics outside Japan will see South Korea's alpine town of Pyeongchang and the coastal city of Gangneung host thousands of athletes and officials when the Games start in February.
He also said the countries may enter a combined ice hockey team.
What Pyongyang thinks of the proposals is not yet clear.
Do said he was also planning to discuss the possibility of forming a unified Korean women's team for ice hockey with International Olympic Committee (IOC) President Thomas Bach, who is scheduled to attend the closing ceremony of the World Taekwondo Championships in South Korea on June 29.
But further talks must be held with the International Olympic Committee because North Korean athletes have not yet qualified for the winter games, he added.
According to the reports, despite longstanding hostile relations between the neighboring countries, Jong-hwan believes co-hosting the Olympics can help foster peace in the Korean Peninsula.
North Korea has made a decision to send its demonstration team to the World Taekwondo Championships, which will be held for three days from Saturday in Muju, North Jeolla Province.
Coyotes get D Niklas Hjalmarsson in trade with Blackhawks He has scored 55 goals and 106 points in 160 games since being traded, including 31 goals in his first season in Columbus. The Blackhawks are trading away the 25-year-old Panarin after two incredibly successful seasons with the team.
"We are more than willing to talk about the ideas that he is proposing because the Olympic is always willing to build bridges and bringing down walls".
The South Korean minister cited North Korea's "top-class" Masikryong ski resort as a potential venue.
He was speaking after South Korea's sports minister was quoted as saying some skiing events for the 2018 Pyeongchang Olympics could be held in North Korea, although officials insist he was misunderstood.
Majority of Koreans are positive that the PyeongChang Olympics will be successful.
Tension has been high for months over North Korea's nuclear and missile development, and due to fears it will conduct a sixth nuclear test and more ballistic missile launches in defiance of U.N. Security Council resolutions.
Per the Guardian, no North Korean athletes have qualified for the 2018 Games yet.
The Games are to be held in PyeongChang, which is just 40 miles from the demilitarized zone separating North from South.
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