Los Angeles formally announced its intent to host the 2028 Summer Olympics on Monday after agreeing a deal with Games officials that paves the way for Paris to host in 2024.
"The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC), today announced its intention for Los Angeles to host the Olympic Games and Paralympic Games 2028 and its agreement with the Host City Contract 2028," the LA bid committee said in a statement, confirming earlier comments from city officials.
The deal, trumpeted as a "win-win-win" for Los Angeles, Paris and the IOC, will bring the Summer Olympics to Los Angeles for a third time, after the city staged the Games in 1984 and 1932.
Los Angeles had been in a race with Paris for 2024, with the winner to be named by the IOC on September 13 in Lima.
But the possibility that Los Angeles would abandon a 2024 bid and instead accept the 2028 Games has been growing since the IOC decided in July that in an unprecedented move it would attempt to award both Games at its Lima meeting.
Paris had remained insistent on hosting in 2024, on the 100th anniversary of the city's 1924 Olympics.
LA bid officials, who had put forward a $5.3 billion bid for 2024, said Monday that an agreement had been reached with the IOC on financial considerations that would make waiting an extra four years feasible.
"Under the terms of the Host City Contract 2028, the IOC will advance funds to a Los Angeles Organizing Committee in view of the longer planning period and to increase participation and access to youth sports programs in the City of Los Angeles in the years leading up to the Games," their statement said.
"The IOC contribution as stipulated by the HCC is $1.8 billion and has the potential to exceed $2 billion according to the evaluation of the LA bid committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals."
The agreement must still be approved by the Los Angeles City Council and the United States Olympic Committee -- both of which backed the 2024 bid.
"The Los Angeles City Council and United States Olympic Committee Board of Directors will consider the agreement for approval in August," the bid committee said.
"If approved, the IOC, LA and Paris may enter a tripartite agreement, clearing the way for IOC Membership to simultaneously confirm the Olympic Games 2024 to Paris and the Olympic Games 2028 to Los Angeles at the next IOC session in Lima, Peru on September 13, 2017."
IOC president Thomas Bach said he was confident any remaining hurdles could be cleared.
"We are very confident that we can reach a tripartite agreement under the leadership of the IOC with LA and Paris in August, creating a win-win-win situation for all three partners," he said.
"This agreement will be put forward to the IOC Session in Lima in September for ratification."
Paris Mayor Anne Hidalgo said on Twitter: "Happy that my friend @MayorofLA has made an important new step on an agreement that will have three winners: Paris, Los Angeles and the IOC #Paris2024"
LA bid officials had scheduled a press conference for 5pm (0000 GMT) with Los Angeles mayor Eric Garcetti and bid chief Casey Wasserman about the bid.
LA city council member Gil Cedillo had already tweeted "hashtag goes from #LA2024 to #LA2028", and City Council president Herb Wesson was enthusiastic.
"The City of Los Angeles is a proud and enthusiastic partner in this 'win-win-win' scenario," he said.
While local backing is seen as crucial to the success of any Games, the bid committee also singled out the support of US President Donald Trump as they try to bring the Games back to the United States.
The USA last hosted the Summer Olympics in Atlanta in 1996 while the Winter Games were held in Salt Lake City in 2002.
"Since his election, President Trump has been personally involved in helping to make LA's bid a truly American bid and the White House Office of American Innovation and the US Senate and House of Representatives have been true partners throughout," they said.
"The USOC and Los Angeles bid team greatly appreciate their strong commitment to bringing the Olympic and Paralympic Games back to the United States."