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JOHANNESBURG, Oct 31 (Reuters) - The South African Football Association formally endorsed plans to go ahead with a bid for the 2010 World Cup finals at its regular executive committee meeting in Johannesburg on Thursday.

The bid's chief executive officer Danny Jordaan signed documents from FIFA, which will be returned to world football's governing body next week signalling South Africa's intention to bid for the tournament.

"The bid is going ahead. We'll have an official launch next week," said Jordaan. "For us now it's all systems go but I think it's going to be a tough bid."

Jordaan's comments follow reports on Wednesday that Egypt were to enter the race despite previously having agreed with the South Africans that they would stay out of the 2010 bidding process.

South Africa claimed they withdrew from the 2006 African Nations Cup finals bid earlier this year after reaching an agreement with the Egyptians, who were last week designated as hosts.

But Jordaan admitted there was no written agreement and that Egypt could not be stopped if they wanted to try and bid for the World Cup as well.

Libya and Morocco have also indicated in recent days they will submit letters of intent to FIFA by the deadline of December 31.