That's right: what many might consider the unthinkable could happen, as representatives from both countries have agreed to march as one under a single flag in the opening and closing ceremonies, as well as fielding a women's hockey team together.
The International Olympic Committee will host officials from the Koreas in Switzerland this weekend to approve the agreement and iron out details of their cooperation amid concerns about a joint hockey team.
North and South Korean athletes marched under the same blue-and-white Korean peninsula flag at the 2000 Sydney Olympic Games.
It was last used in 2006 at the Winter Olympics in Italy.
U.S. President Donald Trump told Reuters in an interview earlier on Wednesday that Russian Federation was helping North Korea evade worldwide sanctions and that Pyongyang was getting closer every day to being able to deliver a long-range missile to the United States.
Paik Hak-soon, director of the Centre for North Korean studies at Sejong Institute in South Korea, said: 'Seeing good results in competitions thanks to the cheering squad would enable the North Koreans to say they contributed to a successful Olympics'.
The exact number of participants from North Korea remains unknown, as the final list of athletes requires approval from the International Olympic Committee (IOC).
The Trump administration has said repeatedly that all options are available, including military ones, in forcing North Korea to give up its development of nuclear missiles capable of reaching the United States, although it prefers a diplomatic solution.
A unified team of any kind at the Olympics would be a milestone for the Koreas, which have been bitter rivals in worldwide sports as well as diplomacy and armed conflict, but which also have a history of trying to use sports as an avenue for reconciliation. But 70 percent of the public opposes the formation of a combined North, South team.
"Under the circumstances where inter-Korean (relations) are extremely strained, in fact just some 20 days ago we weren't expecting North Korea would participate in the Olympics", said Chun, the South's chief negotiator and vice unification minister.
After the two sides met on Wednesday, it was announced that the rival countries would march together at the opening ceremony under a common flag. They will also field a joint women's hockey team.
Washington has maintained its stance that it will not "accept" any peace process with "nuclear" North Korea.
"Russia is not helping us at all with North Korea", Trump said in an interview with Reuters.
During recent inter-Korean talks, Pyongyang accepted Seoul's invitation to join in the Olympic Games, and the two sides agreed to engage in further military talks to avoid the potential for conflict.
North Korean leader Kim Jong-un had the Masikryong ski resort built in the country's south-east in 2013.