The organisation hope to establish the house to boost diversity at the Games, with similar initiatives having been conducted at previous major sporting events.
Pride Houses are organised and delivered by community groups local to the region, with previous venues organised at the London Olympic Games as well the Toronto 2015 Pan American Games.
Glasgow 2014 also developed a house following community consultation, which remained open throughout the last edition of the Commonwealth Games.
Next year’s Commonwealth Games host Gold Coast are also likely to follow suit after a community meeting.
Gon Matsunaka, founder of the Good Aging Yells, said: “We want to leave a legacy by opening up the world of sports to diversity at the Tokyo Olympics”.
Matsunaka claimed politicians and athletes in Japan were afraid to come out in public, as a result of a lack of understand of the LGBT community.
He stated that the Good Aging Yells would look to organise educational sessions during the Games to help increase understanding. The educational sessions would take place alongside sporting activities.
Should the Pride House go ahead, it would be the first time the hospitality venue would have been established in Japan.
From Inside the Games