Libya pulled out last week because of ongoing fighting in the country that has delayed plans to build new stadiums for the 16-team tournament.
Ethiopia, who hosted the tournament in 1962, 1968 and 1976, say they will submit their proposal immediately.
Ethiopia Football Federation president Junedin Basha told BBC Sport: “We already have two ready venues, the Addis Ababa and the Bahir Dar stadiums, and the construction of the other venues has also reached to a good level.
“Our government is ready and interested to do everything it can to bring the tournament back to Ethiopia.”
Kenya said in a statement that they are also considering a joint bid with Tanzania or Uganda or Rwanda.
And later on Tuesday, Ghana sports minister wrote on his Twitter page: “I am happy to announce that Ghana will bid to host the 2017 Africa Cup of Nations.”
The Confederation of African Football has set a deadline of 30 September for countries to express their interest in hosting the tournament.
A decision on Libya’s replacement will be made in 2015.