The International Olympic Committee has agreed to award both the Olympic Games 2024 and 2028 at the same time – with either Paris or Los Angeles going first.
The other city will take the 2028 Games.
The organisation argues the decision paves the way for a “win-win-win” situation for the Olympic movement, Los Angeles and Paris.
The IOC has struggled to create a competitive bidding process for the Games in recent years, with a number of cities dropping out.
Budapest, Hamburg and Rome all withdrew from the race for the 2024 event.
IOC president Thomas Bach called the IOC decision a “golden opportunity” for all concerned.
“Ensuring the stability of the Olympic Games for 11 years is something extraordinary,” the IOC president added.
The IOC membership earlier approved a decision to recognise the “exceptional circumstances” and “unique opportunities” presented by the candidatures of Los Angeles and Paris for the Olympic Games 2024.
If a deal cannot be reached between Paris and Los Angeles, the IOC will proceed with the election of the host city 2024 in accordance with the current election procedure.
Los Angeles mayor Eric Garcetti and Paris mayor Anne Hidalgo signalled their desire to reach an agreement by making a “surprise” joint appearance before the IOC.